For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting Income of $$1,032,000.$ 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

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

Warranty expense reported on the income statement

$44,o+$

Actual warranty expenditures in $2024$

Fidelity's Income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records Indicated balances of zero and $$22,000$ in Its deferred tax asset

and deferred tax llability accounts, respectlvely.

Requlred:

Determine the amounts necessary to record Income taxes for $2024,$ and prepare the approprlate journal entry.

What Is Fidelity's $2024$ net Income?

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Required $1$

Calculation

Determine the amounts necessary to record income taxes for $2024.$

Note: Enter your answers in thousands rounded to $1$ decimal place. Amounts to be deducted should be indicated with a minus sign.For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,032,000.$ Selected information for $2024$ from Fidelity$$s records follows:

Interest income on municipal governmental bonds $ $88,000$

Depreciation claimed on the $2024$ tax return in excess of depreciation on the income statement $112,000$

Carrying amount of depreciable assets in excess of their tax basis at year$-$end $200,000$

Warranty expense reported on the income statement $54,000$

Actual warranty expenditures in $202444,000$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$22,000$ 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?