For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,004,000.$ 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

Actual warranty expenditures in $2824$

$$60,0e$

$84,000$

$144,0e$

$40,0e$

$30,0e$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$15,000$ in its deferred tax asset and deferred tax liability accounts, respectively.

Requlred:

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

What is Fidelity's $2024$ net income?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required $1$

Calculation

General

Required $2$

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.

$\backslash$table$[[$Description$,$Amount,x$,$Tax Rate,,,Tax,Recorded as:$],[$Pretax accounting income,$$1,004\mathrm{.}0,,,,,,],[$Permanent difference$],[],[$Income subject to taxation,$$1,048\mathrm{.}0,x,25\%,=,$$$,487\mathrm{.}0,$Income tax expense $0],[$Temporary difference$],[,,x,,=,,,],[,,x,,=,,,],[$Taxable income $($income tax return$),$$$1,948\mathrm{.}0,x,,=,,,]]$

For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,004,000.$ Selected information for $2024$ from Fidelity's records follows:

Interest income on municipal governmental bonds

Depreciation claimed on the $2824$ 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 $2024$

$$60,000$

$84,ee$

$144,$

$40,ee$

$30,$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$15,000$ in its deferred tax asset and deferred tax liability accounts, respectively.

Requlred:

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

What is Fidelity's $2024$ net income?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[\backslash$table$[[$Required $1],[$Calculation$]],$Required $2,,],[\backslash$table$[[$Prepare the appropriate journal entry.$],[$Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the firs$],[$intermediate calculations to $2$ decimal places. Enter your answers in thousands $($i$.$e$.,5,500$ shou$]]],[$No$,$Transaction,,Debit,Credit$]]$

For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,004,000.$ 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

$$60,000$

$84,000$

$144,000$

$40,000$

$30,000$

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

Warranty expense reported on the income statement

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$15,000$ in its deferred tax asset and deferred tax liability accounts, respectively.

Requlred:

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

What is Fidelity's $2024$ net income?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required $1$

Calculation

What is Fidelity's $2024$ net income?

Note: Round intermediate calculations to $2$ decimal places. Enter your answers in thousands $($i$.$e$.,5,500$ should be entered as $5\mathrm{.}5).)$

Net income