Calibri 11 = = Ger A A Wrap Text Merge & Center Paste | B18 5 B IU x V fox A B co BE SURE TO ANSWER ALL REQUIRED QUESTIONS (a) and (b) AND SHOW ALL COMPUTATIONS AND WORK IN SUPPORT OF YOUR ANSWERSI NOTE EXTRA CREDIT OPPORTUNITY IN PARTIC) BELOW ZZZ Inc. has an estimated annual tax rate of 40 percent in the first quarter of 2018. Pretax income for the first quarter was $750,000. At the end of the second quarter of 2016, ZZZ Inc. expects the annual tax rate to be 36 percent because of anticipated tax credits. Pretax income for the second quarter was $800,000. How much income tax expense is recognized in the first quarter of 2018? Show all work in support of your answer! b. How much income tax expense is recognized in the second quarter of 2018? Show all work in support of your answer! LL