10 Required 1 Calculation Required 1 GJ Required 2 7 points Prepare the journal entry to record income taxes in 2021. (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.) View transaction list eBook Journal entry worksheet Hint Print Record 2021 income taxes. References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Mc X C @ HELP CENTER Unit 5 AS: Exercises and Problems (Connect) i Saved Help 10 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 $320,000, which includes interest 7 revenue of $32,000 from municipal governmental bonds. The enacted tax rate is 25%. points Assuming no differences between accounting income and taxable income other than those described above: Required: eBook 1. Complete the following table given below and prepare the journal entry to record income taxes in 2021. 2. What is Southern Atlantic's 2021 net income? Hint Complete this question by entering your answers in the tabs below. Print Required 1 Calculation Required 1 GJ Required 2 Complete the following table given below to record income taxes in 2021. (Amounts to be deducted should be indicated with a References minus sign. Enter your answers in whole dollars. Tax Rate % Tax $ Recorded as: Pretax accounting income $ 320,000 Permanent difference Income subject to taxation X Temporary difference X ncome taxable in current year Required 1 GJ > Mc Graw