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Southern Atlantic Distributors began operations in January 2021 and purchased a delivery truck for $40,000....

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Accounting

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Southern Atlantic Distributors began operations in January 2021 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2021, 30% in 2022, and 20% in 2023. Pretax accounting income for 2021 was $280,000, which includes interest revenue of $36,000 from municipal governmental bonds. The enacted tax rate is 25% Assuming no differences between accounting Income and taxable income other than those described above: I Required: 1. Complete the following teble glven below and prepare the journal entry to record income texes in 2021 2. What is Southern Aslantic's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Cukilation Required: G1 Required 2 Complete the following table given below ta record income taxes in 2121. (Amounts to be deducted should be indicated with minus sign. Enter your answers in whole dolu) Tax Ralo THX Recorded : $ 20,000 5 200.000 X Preta con com Pwman diferent Income to taxi Temporary Ironch Home table in turnya $ Required 1 GJ >

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