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For the year ended December 31, 2021 Fidelity Engineering reported pretax accounting income of $1056,000 Selected information for 2021 from Fidelity's records follows: $112.000 136,000 Interest Income ce suntopal governmental bonds Depreciation claimed on the 2021 tax return is excess of depreciation on the income statement Carrying amount of depreciable sets excess of their tax bonis st year-end Warranty expense reported on the income statement Actual warranty expenditures in 2021 240,00 66,00 56,000 Fidetty's income tax rate is 25%. At January 1 2021, Fidelity's records indicated balances of zero 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 16 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 sion> Tax Rate % Recorded $ 1,056 S 11121 S x 25% 2360 Income tax expense Pretax accounting income Permanent erence Interest on governmental bondo Income subject to taxation Terrporary difference Depreciation Warranty expense Taxable income income tax return s (136) $ 10 $ 818 25% 25% 25% $ 134.0) Deferred to ability $ 25 Deferred to set 5 204.5 Income tax payable X Required 1 OJ > 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: $112.00 136,000 Interest income on municipal governmental bonda Depreciation claimed on the 2021 tax return is exces of depreciation on the income statement Carrying amount of depreciable sota la excess of their tabala at year-end Warranty expense reported on the income statement Actual warranty expenditures in 2021 240,000 66,000 56,000 Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 Required 2 Prepare the appropriate journal entry. (I 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 (e. 5.500 should be entered as 5.5). No Transaction General Journal Debat Credit Required 1 Calculation Required 2 > 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: $112.000 126,00 Interest income os municipal governmental bonds Depreciation cisimed on the 2021 tax return in exces of depreciation on the income statement Carrying amount of depreciable asseta in excess of their tabanle at year-end Warranty expense reported on the income state Actual warranty expenditures in 2021 208,00 66.000 Fidelity's income tax rate is 25%. At January 1, 2021. Fidelity's records indicated balances of zero 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 Fidelitys 2021 net income? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 Required 2 What is Fidelity's 2021 net income? (Round intermediate calculations to 2 decimal places. Enter your answers in thousands D... 5,500 should be entered as 5.5)) Netcome