For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,008,000.$ Selected information for $2024$ from Fidelity$$s records follows:

Interest income on municipal governmental bonds $ $64,000$

Depreciation claimed on the $2024$ tax return in excess of depreciation on the income statement $88,000$

Carrying amount of depreciable assets in excess of their tax basis at year$-$end $152,000$

Warranty expense reported on the income statement $42,000$

Actual warranty expenditures in $202432,000$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$16,000$ 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?