Saved Chapter 16 Homework Help For the year ended December 31, 2018, Fidelity Engineering reported pretax accounting income of $978,000. Selected information for 2018 from Fidelity's records follows: moints $32,200 55,300 Interest income on municipal bonds Depreciation claimed on the 2018 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 2018 85,500 26,150 16,100 Print Fidelity's income tax rate is 40%. At January 1, 2018, Fidelity's records indicated balances of zero and $12,080 in its deferred tax asset and deferred tax liability accounts, respectively. References Required: 1. Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate journal entry 2. What is Fidelity's 2018 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 16 Required 2 ana cererea tax nability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate journal entry. 2. What is Fidelity's 2018 net income? Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Determine the amounts necessary to record income taxes for 2018. (Enter your answers in thousands rounded to two decimal places (i.e. 1,230 should be entered as 1.23). Amounts to be deducted should be indicated with a minus sign.) Tax Rate % Tax $ Recorded as: $ 978.00 Pretax accounting income Permanent difference $ 978.00 Income subject to taxation Temporary difference Taxable income (income tax return) $ 978.00 Required 10J > my O comer Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account hield. Round intermediate calculations to two decimal places. Enter your answers in thousands rounded to two decimal places (l.e. 1,230 should be entered as 1.23).) View transaction list Journal entry worksheet Record 2018 income taxes. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Dre2 Required: 1. Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate journal entry. 2. What is Fidelity's 2018 net income? ences Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 16) Required 2 What is Fidelity's 2018 net income? (Enter your answer in thousands and round your answer to 2 decimal places. Round intermediate calculations to two decimal places.) Net income Required 10
