For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,012,000.$ Selected information for $2024$ from Fidelity's records follows:

Interest income on municipal governmental bonds

Depreciation claimed on the $2024$ tax return in excess of depreciation on the income statement $$68,000,000$

Carrying amount of depreciable assets in excess of their tax basis at year$-$end $160,000$

Warranty expense reported on the income statement

$44,000$

Actual warranty expenditures in $2024$

$34,000$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$17,000$ 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 Fidelity's $2024$ net income?