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Exercise 16-16 (Algo) Multiple differences [LO16-2, 16-3, 16-5] For the year ended December 31, 2021, Fidelity Engineering reported pretax accounting income of $1,036,000, Selected information for 2021 from Fidelity's records follows: Fidelity's income tax rate is 25\%. At January 1, 2021. Fidelity's records indicated balances of zero and $23,000 in its deforred tax asset and deferred tax liability accounts, respectively. Required: Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income? Complete this question by entering your answers in the tabs below. Determine the amounts necessary to record income taxes for 2021. (Enter your answen in thousands rounded to 1 decimal place Amounts to be deducted should be indicated with a minus sign.) Determine the amounts necessary to record income taxes for 2021. (Enter your answers in thousands rounded to 1 deeimal place. imounts to be deducted should be indicated with a minus sign.) Prepare the approbiate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Round intermediate calculations to 2 decimal places. Enter your answers in thousands (1,4,5,500 should be entered as 5.5).) Journal entry worksheet Wote: Enter debits before cretits Fidelity's income tax rate is 25%. At January 1, 2021, Fidelity's records indicated balances of zero and $23.000 in its deferred tax asset and deferred tax liablity accounts, respectively. Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. 2. What is Fidelity's 2021 net income? Complete this question by entering your answers in the tabs below. What is Fidelity's 2021 net income? (Round intermediate calculations to 2 decimal places. Enter your answers in thousands (1,e,5,500 should be entered as 5.5).)