13 For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $992,000. Selected information for 2021 from Fidelity's records follows: 6.66 points $ 48,000 72,000 Skipped Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excess of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year-end Warranty expense reported on the income statement Actual warranty expenditures in 2021 120,000 34,000 24,000 eBook References Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $12,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income? Complete this question by entering your answers in the tabs below. 6.66 points Required 1 Calculation Required 1 G Required 2 Skipped Determine the amounts necessary to record income taxes for 2021. (Enter your answers in thousands rounded to 1 decimal place. Amounts to be deducted should be indicated with a minus sign.) Tax Rate % Tax $ Recorded as: eBook $ 992 References Pretax accounting income Permanent difference 992 x Income subject to taxation Temporary difference Depreciation x Taxable income income tax return) $ 992 x 13 View transaction list Journal entry worksheet 6.66 points Skipped Record 2021 income taxes. eBook References Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $12,000 in its deferred tax asset and deferred tax liability accounts, respectively. 6.66 points Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income? Skipped Complete this question by entering your answers in the tabs below. eBook References Required 1 Calculation Required 1 GJ Required 2 What is Fidelity's 2021 net income? (Round intermediate calculations to 2 decimal places. Enter your answers in thousands (i.e., 5,500 should be entered as 5.5).) Net income