For the year ended December 31,2024 . Fidelity Engineering reported pretax accounting income of $992,000. 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 $48,000 72,000 Carrying amount of depreciable assets in excess of their tax basis at year-end 120,000 Warranty expense reported on the income statement Actual warranty expenditures in 2024 Fidelity's income tax rate is 25\%. At January 1, 2024. Fidelity's records indicated balances of zero and $12,000 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. 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. Journal entry worksheet Note: Enter debits before credits. For the year ended December 31,2024 , Fidelity Engineering reported pretax accounting income of $992,000. Selected information for 2024 from Fidelity's records follows: Interest income on municipal governmental bonds $48,000 Depreciation claimed on the 2024 tax return in excess of depreciation on the income statement 72,000 Carrying amount of depreciable assets in excess of their tax basis at year-end 120,000 Warranty expense reported on the income statement Actual warranty expenditures in 2024 Fidelity's income tax rate is 25\%. At January 1, 2024, Fidelity's records indicated balances of zero and $12,000 in its deferre 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. 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).)