Estimated tax information: XYZ made four equal estimated tax payments totaling $360,000 ($90,000 per quarter). For purposes of estimated tax liabilities, assume XYZ was in existence in 2020 and that in 2020 it reported a tax liability of $500,000. During 2021, XYZ determined its taxable income at the end of each of the four quarters as follows: Quarter-end First Second Third Cumulative taxable income (loss) $ 407,800 $ 1,105,000 $ 1,421,500 Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) (2) Estimated tax payment Installment (3) Required payment based on current year prior year tax tax liability e. Determine the quarters for which XYZ is subject to underpayment of estimated tax penalties. (Round "Annualization Factor" for Fourth quarter to 2 decimal places.) (1) Required cumulative payment (per quarter) under under annualized method (4) Required cumulative payment (5) Actual payments Underpayment penalty method 1st quarter $ 125,000 $ 2nd quarter $ 250,000 $ 3rd quarter $ 375,000 $ 4th quarter $ 500,000 $ 85,638 171,276 $ 256,914 $ 342,552 $ $ 342,552 $ 342,552 $ 464,100 $ 398,020 $ 21,409 $ 85,638 $ 192,687 $ 342,552 $ 90,000 No 180,000 No 270,000 No 360,000 No