For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,016,000.$ 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

Warranty expense reported on the income statement

Actual warranty expenditures in $2024$

$$72,000$

$96,000$

$168,000$

$46,000$

$36,000$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$18,000$ 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.

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

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