5 Tucker Corporation is subject to income tax rates or 15% on its first $50,000 of pretax income, 26% on amounts in excess of $50,000 up to $75,000, and 32% on amounts in excess of $75,000. Quarterly pretax accounting income for the calendar year is estimated by Tucker to be as follows: Estimated Quarter Pretax Income First $25,000 Second $27,000 Third $65,000 Fourth $40,000 Total $157,000 No changes in accounting principles, discontinued items, or unusual or infrequently occurring item are anticipated for the year. Required 1. Calculated the estimated annual effective tax rate for Tucker Corporation for 2018. 2. Prepare a schedule showing Tucker's estimated net income for each quarter and the calendar year 2018. 5 (See the "Computation of the Estimated Annual Effective Tax Rate" section in the book beginning on page 488 for 9 formatting examples.) H