For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,056,000. Selected information for 2021 from Fidelity's records follows: Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of $1,000 and $28,000 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