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For the year ended December 31, 2021. Fidelity Engineering reported pretax accounting income of $1.036,000 Selected information for 2021 from Fidelity's records follows $ 92,000
For the year ended December 31, 2021. Fidelity Engineering reported pretax accounting income of $1.036,000 Selected information for 2021 from Fidelity's records follows $ 92,000 116.000 Interest income on municipal governmental bonds Depreciation claimed on the 2031 tax return in excess of depreciation on the income statement Carrying wount of depreciable assets in excess of their tax basis at year. Warranty expense reported on the income statement Actual warranty expenditures in 2021 200,000 56,000 46.000 Fidelity's income tax rate is 25% At January 1 2021 Fidelity's record indicated balances of zero and $23.000 in its deferred tax anter 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 Fidelitys 2021 net income? Required Calculation Required 1 Required 2 Determine the amounts necessary to record income taxes for 2021. (Enter your in the rounded to deal Amounts to be deducted should be indicated with a minussion) THERS 1036 Pretax accounting income Permanent difference 1036 Income subject to tation Temporary difference Taxable income income tax return) 5 1036 R16 Calculation neque Aeyuncu & Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No Journal entry required" account field. Round intermediate calculations to 2 decimal places. Enter your answers in thousands (1.e., 5,500 should be 5.5).) View transaction list Journal entry worksheet
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