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For the year ended December 31, 2021. Fidelity Engineering reported pretax accounting income of $978.000. Selected information for 2021 from Fidelity's records follows: $32,000 58,000 Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excess 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 2021 88,000 26,000 10,000 Fidelity's income tax rate is 25%. At January 1 2021. Fidelity's records indicated balances of zero and $7,500 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? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1G) Required 2 Determine the amounts necessary to record income taxes for 2021. (Enter your answers in thousands rounded to 1 decimal place. Amounts to be deducted should be indicated with a minus sign.) Tax Rate % Tax Recorded as: Pretax accounting income Permanent difference Income subject to taxation Temporary difference Depreciation Taxable income income tax return) $ 978 For the vear ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $978,000 Selected information for 2021 from Fidelity's records follows: $32,000 58,000 Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excess 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 2021 88,000 26,000 10,000 Fidelity's income tax rate is 25% At January 1, 2021, Fidelity's records indicated balances of zero and $7,500 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? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare the appropriate journal entry for 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands (ie, 5,500 should be entered as 5.5).) View transaction list Journal entry worksheet Record 2021 income taxes. For the year ended December 31, 2021. Fidelity Engineering reported pretax accounting income of $978,000. Selected information for 2021 from Fidelity's records follows: $32,000 58, eee Interest income on municipal governmental bonds Depreciation claimed on the 2021 tax return in excess 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 2021 88,000 26, eee 10,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $7.500 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? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 16) Required 2 What is Fidelity's 2021 net income? (Enter your answers in thousands rounded to 1 decimal place.) Net income