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For the year ended December 3 1 , 2 0 2 4...

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Question

Accounting

For the year ended December
3
1
,
2
0
2
4
,
Fidelity Engineering reported pretax accounting income of $
1
,
0
0
8
,
0
0
0
.
Selected information for
2
0
2
4
from Fidelity
s records follows:
Interest income on municipal governmental bonds $
6
4
,
0
0
0
Depreciation claimed on the
2
0
2
4
tax return in excess of depreciation on the income statement
8
8
,
0
0
0
Carrying amount of depreciable assets in excess of their tax basis at year
-
end
1
5
2
,
0
0
0
Warranty expense reported on the income statement
4
2
,
0
0
0
Actual warranty expenditures in
2
0
2
4
3
2
,
0
0
0
Fidelity's income tax rate is
2
5
%
.
At January
1
,
2
0
2
4
,
Fidelity's records indicated balances of zero and $
1
6
,
0
0
0
in its deferred tax asset and deferred tax liability accounts, respe

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