For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $1,048,000. Selected information for 2024 from Fidelity's records follows: Fidelity's income tax rate is 25%. At January 1,2024 , Fidelity's records indicated balances of zero and $26,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2024 , and prepare the appropriate journal entry. 2. What is Fidelity's 2024 net income? Complete this question by entering your answers in the tabs below. 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. Prepare the appropriate journal entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 2 decimal places. Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. What is Fidelity's 2024 net income? Note: Round intermediate calculations to 2 decimal places. Enter your answers in thousands (i.e., 5,500 should be entered as 5.5).) For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $1,048,000. Selected information for 2024 from Fidelity's records follows: Fidelity's income tax rate is 25%. At January 1,2024 , Fidelity's records indicated balances of zero and $26,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2024 , and prepare the appropriate journal entry. 2. What is Fidelity's 2024 net income? Complete this question by entering your answers in the tabs below. 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. Prepare the appropriate journal entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations to 2 decimal places. Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. What is Fidelity's 2024 net income? Note: Round intermediate calculations to 2 decimal places. Enter your answers in thousands (i.e., 5,500 should be entered as 5.5).)