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Southern Atlantic Distributors began operations in January 2024 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 45% of cost in 2024,30% in 2025 , and 25% in 2026 . Pretax accounting income for 2024 was $600,000, which includes interest revenue of $68,000 from municipal governmental bonds. The enacted tax rate is 25%. Assuming no differences between accounting income and taxable income other than those described above: Required: 1. Complete the following table and prepare the journal entry to record income taxes in 2024 . 2. What is Southern Atlantic's 2024 net income? Complete this question by entering your answers in the tabs below. Complete the following table to record income taxes in 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record income taxes in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. Journal entry worksheet Record 2024 income taxes. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. What is Southern Atlantic's 2024 net income? Note: Enter your answer in whole dollar

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