Exercise 16-16 (Algo) Multiple differences [LO16-2, 16-3, 16-5] For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,020,000. Selected information for 2021 from Fidelity's records follows: Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $19,000 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? Complete this question by entering your answers in the tabs below. 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 sign.)