Please HELP!!

Complete this question by entering your answers in the tabs below. Prepare the appropriate foumal entry. Note: if no entry is required for a transaction/event, select "No journal entry requiced"in the first account fiejd. Rourid intemediate calculations to 2 decimal places. Enter your answers in thousands (i.e, 5,500 should be entered as 5 . 5 ), Journal entry worksheet Nove: Cnke debits befure credrs. For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $988,000. Selected information for 2024 from Fidelity's records follows: Interest incone on municipal governnental bonds Depreciation claimed on the 2024 tax return in excess of depreciation on the incone statenent 58,000 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 2824 112,608 32 , eed 22,800 Fidelity's income tax rate is 25\%. At January 1, 2024, Fidelity's records indicated balances of zero and $11,000 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. What is Fidelity's 2024 net income? Note: Round intermediate calculations to 2 decimal ploces. Enter your answers in thousands (4ie., 5,500 should be entered as 5.5) For the year ended December 31,2024 , Fidelity Engineering reported pretax accounting income of $988,000. Selected information for 2024 from Fidelity's records follows: Fidelity's income tax rate is 25%. At January 1, 2024, Fideily's records indicated balances of zero and $11,000 in its deferred tax asset and deferred tax liablity accounts, respectively Required: 1. Determine the amounts necessary to tecord income taxes for 2024 , and prepare the appropriate joumal 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: Fnter your answers in thousands rounded to 1 decimal olace. Amounts to be deducted theuld berindicated with a miniss sign