For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,048,000.$ Selected information

for $2024$ from Fidelity's records follows:

Interest income on municipal governmental bonds

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$26,000$ 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?

Complete this question by entering your answers in the tabs below.For the year ended December $31,2024,$ Fidelity Engineering reported pretax accounting income of $$1,048,000.$ Selected information for $2024$ from Fidelity$$s records follows:

Interest income on municipal governmental bonds $ $104,000$

Depreciation claimed on the $2024$ tax return in excess of depreciation on the income statement $128,000$

Carrying amount of depreciable assets in excess of their tax basis at year$-$end $232,000$

Warranty expense reported on the income statement $62,000$

Actual warranty expenditures in $202452,000$

Fidelity's income tax rate is $25\%.$ At January $1,2024,$ Fidelity's records indicated balances of zero and $$26,000$ 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?

REQUIRMENT: GENERAL JOURNAL

$1.$ Record $2024$ income taxes.

REQUIREMENT $2$: What is Fidelity$$s $2024$ net income?

DON'T USE CHAT GPT$!$