Question 18 (of 28) volue 10.00 points For the year ended December 31, 2012, Fidelity Engineering reported pretax accounting income of $977,000. Selected information for 2012 from Fidelity's records follows: Interest income on municipal bonds Depreciation claimed on the 2012 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 2012 $32,000 55,000 85,000 26,000 16,000 Fidelity's income tax rate is 20%. At January 1, 2012, 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 2012 and prepare the appropriate journal entry. (Enter your answers in millions.) General Journal Debit Credit Income tax expense Deferred tax asset Income tax expense Deferred tax liability 2. What is Fidelity's 2012 net income? Net income novo