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Business, 30.07.2019 21:30 awsomeboy12345678

For the year ended december 31, 2018, fidelity engineering reported pretax accounting income of $977,000. selected information for 2018 from fidelity’s records follows: interest income on municipal bonds $ 32,000 depreciation claimed on the 2018 tax return in excess of depreciation on the income statement 55,000 carrying amount of depreciable assets in excess of their tax basis at year-end 85,000 warranty expense reported on the income statement 26,000 actual warranty expenditures in 2018 16,000 fidelity's income tax rate is 40%. at january 1, 2018, fidelity's records indicated balances of zero and $12,000 in its deferred tax asset and deferred tax liability accounts, respectively. required: 1. determine the amounts necessary to record income taxes for 2018 and prepare the appropriate journal entry. 2. what is fidelity’s 2018 net income?

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For the year ended december 31, 2018, fidelity engineering reported pretax accounting income of $977...
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