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E 16-16 For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $978,000. Multiple Selected information for 2021 from Fidelity's records
E 16-16 For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $978,000. Multiple Selected information for 2021 from Fidelity's records follows: differences O LO 162, LO 163, Interest income on municipal governmental bonds $32,000 LO16-5 Depreciation claimed on the 2021 tax return in excess of depreciation on the income statement 58,000 Carrying amount of depreciable assets in excess of their tax basis at year-end 88,000 Warranty expense reported on the income statement 26,000 Actual warranty expenditures in 2021 10,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $7,500 in its deferred tax asset and deferred tax liability accounts, respectively. Required: Tea Scanned 1.\\Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. CamSca? What is Fidelity's 2021 net income
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