For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,024,000.$ 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 $2024$

$$80,000$

$104,000$

$184,000$

$50,000$

$40,000$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$20,000$ 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?

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Required $1$

General

Calculation

Journal

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.

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