Southern Atlantic Distributors began operations in January 2011 and purchased a delivery truck for $49,000.

Southern Atlantic Distributors began operations in January 2011 and purchased a delivery truck for $49,000. 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 2011, 30% in 2012, and 20% in 2013. Pretax accounting income for 2011 was $367,000, which includes interest revenue of $49,000 from municipal bonds. The enacted tax rate is 40%. Assuming no differences between accounting income and taxable income other than those described above:Calculate Net Income