Southern Atlantic Distributors began operations in January 2018 and purchased a delivery truck for $40,000. Southern Atlantic
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Required:
Assuming no differences between accounting income and taxable income other than those described above:
1. Prepare the journal entry to record income taxes in 2018.
2. What is Southern Atlantic's 2018 net income?
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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