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Exercise 16-16 (Static) Multiple differences; financial statement effects [LO16-2, 16-3, 16-5] For the year ended December 31, 2024, Fidelity Engineering reported pretax accounting income of $978,000. Selected information for 2024 from Fidelity's records follows: Interest income on municipal governmental bonds Depreciationclainedonthe2024taxreturninexcessofdepreciationontheincomestatenentCarryingamountofdepreciableassetsinexcessoftheirtaxbasisatyear-endWarrantyexpensereportedontheincomestatementActual53,00088,00026,00010,000 Actual warranty expenditures in 2024 Acturat Fidelity's income tax rate is 25%, At January 1,2024, Fidelity's records indicated balances of zero and $7,500 in its deferred tax asset and deferred tax liablity 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. 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. 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. 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. Prepare the appropriate journal entry for 2024. Note: If no entry is required for a transaction/event; select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Journal entry worksheet Record 2024 income taxes. Note: Enter debits before credits. Exercise 16-16 (Static) Multiple differences; financial statement effects [LO16-2, 16-3, 16-5] For the year ended December 31,2024 , Fidelity Engineering reported pretax accounting income of $978,000. Selected information for 2024 from Fidelity's records follows: Interest income on municipal governnental bonds Depreciation clained on the 2024 tax return in excess of depreciation on the income statement $32, 3800 Carrying anount of depreciable assets in excess of their tax basis at year-end 88 , 000 Warranty expense reported on the income statement 26,000 Actual warranty expenditures in 2024 10, , 0 e Fidelity's income tax rate is 25%. At January 1,2024 , Fidelity's records indicated balances of zero and $7,500 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. What is Fidelity's 2024 net income? Note: Enter your answers in thousands rounded to 1 decimal place

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