For the year ended December $31,2021,$ Fidelity Engineering reported pretax accounting income of $$1,020,000.$ Selected information for $2021$ from Fidelity's records follows: $ $76,000100,000$ Interest income on municipal governmental bonds Depreciation claimed on the $2021$ tax return in excens of depreciation on the income statement Carrying amount of depreciable assets in excess of their tax basis at year$-$end Warranty expense reported on the income statement Actual warranty expenditures in $2021176,00048,00038,000$ Fidelity's income tax rate is $25\%.$ At January $1,2021,$ Fidelity's records indicated balances of zero and $$19,000$ in its deferred tax asset and deferred tax liability accounts, respectively. Required: $1.$ Determine the amounts necessary to record income taxes for $2021,$ and prepare the appropriate journal entry. $2.$ What is Fidelity's $2021$ net income?