Business, 22.05.2020 18:59 eweweeeeew1712

Southern atlantic distributors began operations in january 2018 and purchased a delivery truck for $100,000. 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 2018, 30% in 2019, and 25% in 2020. Pretax accounting income for 2018 was $600,000,which includes interest revenue of $80,000 from municipal bonds. The enacted take rate is 45%. Assuming no difference between accounting income and taxable income other than those described above :
Required:
1. Complete the following table given and prepare the journal entry income taxes in 2018.
2. What is Southern Atlantic's 2018 net income?

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