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Southern Atlantic Distributors began operations in January 2013 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 2013, 30% in 2014, and 25% in 2015. Pretax accounting income for 2013 was $580,000, which includes interest revenue of $80,000 from municipal bonds. The enacted tax rate is 45%
Assuming no differences between accounting income and taxable income other than those described above:
Required:
1. Complete the following table given below and prepare the journal entry to record income taxes in 2013.
2. What is Southern Atlantic’s 2013 net income?
Preparation of Journal entries and Prepare journal entries to record the transactions.
Compute the depreciation expense for the years indicated using the following methods. (Round to the nearest dollar.)
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