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

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For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $1,000,000. 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 2024 $ 56,000 80,000 136,000 38,000 28,000 Fidelity's income tax rate is 25%. At January 1, 2024, Fidelity's records indicated balances of zero and $14,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry. 2. What is Fidelity's 2024 net income? Complete this question by entering your answers in the tabs below. Required 1 General Calculation Journal 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. Description Pretax accounting income Amount $ 1,000.0 Tax Rate Tax Permanent difference Income subject to taxation Temporary difference x Taxable income (income tax return) x Required 1 Calculation = Recorded as: General Journal > 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 sign. Description Amount x Tax Rate Tax Pretax accounting income Permanent difference $ 1,000.0 Income subject to taxation Temporary difference Depreciation Interest on municipal bonds No temporary differences Warranty expense x = Recorded as: General Journal > View Journal entry worksheet < 1 Record 2024 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Calculation General Journal Required 2 What is Fidelity's 2024 net income? Note: Round intermediate calculations to 2 decimal places. Enter your answers in thousands as 5.5).) Net income For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $1,000,000. 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 2024 $ 56,000 80,000 136,000 38,000 28,000 Fidelity's income tax rate is 25%. At January 1, 2024, Fidelity's records indicated balances of zero and $14,000 in its deferred tax asset and deferred tax liability accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2024, and prepare the appropriate journal entry. 2. What is Fidelity's 2024 net income? Complete this question by entering your answers in the tabs below. Required 1 General Calculation Journal 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. Description Pretax accounting income Amount $ 1,000.0 Tax Rate Tax Permanent difference Income subject to taxation Temporary difference x Taxable income (income tax return) x Required 1 Calculation = Recorded as: General Journal > 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 sign. Description Amount x Tax Rate Tax Pretax accounting income Permanent difference $ 1,000.0 Income subject to taxation Temporary difference Depreciation Interest on municipal bonds No temporary differences Warranty expense x = Recorded as: General Journal > View Journal entry worksheet < 1 Record 2024 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Calculation General Journal Required 2 What is Fidelity's 2024 net income? Note: Round intermediate calculations to 2 decimal places. Enter your answers in thousands as 5.5).) Net income