For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,052,000.$ Selected information for $2024$ from Fidelity's records follows:

Interest income on municipal governmental bonds

Depreciation claimed on the $2024$ tax return in excess of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year$-$end

$

$108,000$

$132,000$

$240,000$

$64,000$

$54,000$

Warranty expense reported on the income statement

Actual warranty expenditures in $2024$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$27,000$ in its deferred tax asset and deferred tax liability accounts, respectively.

Required:

Determine the amounts necessary to record income taxes for $2024,$ and prepare the appropriate journal entry.

What is Fidelity's $2024$ net income?

Complete this question by entering your answers in the tabs below.

Required $1$

General

Calculation

Journal

Required $2$

Determine the amounts necessary to record income taxes for $2024.($Record $2024$ income taxes$)$

Note: Enter your answers in thousands rounded to $1$ decimal place. Amounts to be deducted should be indicated with a minus sign.

$\backslash$table$[[$Description$,$Amount,$,$Tax Rate,,Tax,Recorded as:$],[$Pretax accounting income,$$1,052\mathrm{.}0,,,,,],[$Permanent difference,,,,,,$],[,,,,,,],[$Income subject to taxation,$$1,052\mathrm{.}0,,,,,],[$Temporary difference,,$,=,,,],[,,,,,,],[,,,,,,],[$Taxable income $($income tax return$),$$$1,052\mathrm{.}0,,,=,,]]$