Southern Atlantic Distributors began operations in January 2024 and purchased a delivery truck for $40,000....
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Southern Atlantic Distributors began operations in January and purchased a delivery truck for $ Southern Atlantic plans to use straightline depreciation over a fouryear expected useful life for financial reporting purposes. For tax purposes, the deduction is of cost in in and in Pretax accounting income for was $ which includes interest revenue of $ from municipal governmental bonds. The enacted tax rate is Assuming no differences between accounting income and taxable income other than those described above: Required: Complete the following table and prepare the journal entry to record income taxes in What is Southern Atlantics net income?
Southern Atlantic Distributors began operations in January and purchased a delivery truck for $ Southern Atlantic plans to use straightline depreciation over a fouryear expected useful life for financial reporting purposes. For tax purposes, the deduction is of cost in in and in Pretax accounting income for was $ which includes interest revenue of $ from municipal governmental bonds. The enacted tax rate is
Assuming no differences between accounting income and taxable income other than those described above:
Required:
Complete the following table and prepare the journal entry to record income taxes in
What is Southern Atlantics net income?
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