Exercise 16-16 (Algo) Multiple differences; financial statement effects [LO16-2, 16-3, 16-5] For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $984,000. Selected information for 2024 from Fidelitys records follows: Interest income on municipal governmental bonds $ 40,000 Depreciation claimed on the 2024 tax return in excess of depreciation on the income statement 64,000 Carrying amount of depreciable assets in excess of their tax basis at year-end 104,000 Warranty expense reported on the income statement 30,000 Actual warranty expenditures in 2024 20,000 Fidelity's income tax rate is 25%. At January 1, 2024, Fidelity's records indicated balances of zero and $10,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry. What is Fidelitys 2024 net income?