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For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable Income $ 1,840,000 2,570,000 3,840,000 First Second Third What are LNS's minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method? (Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.) Answer is not complete. Installment Taxable Income Annualization Factor Annual Estimated Taxable Income Tax on estimated taxable income Required Percentage of Tax Required Required Cumulative To Be Paid Payment Prior Cumulative Payments Estimated Tax Payment First quarter Second $ 1,840,000 4 $ 7,360,000 25 % $ 0 $ 0 $ 1,840,000 4 S 7,360,000 50 % $ 0 quarter Third quarter $ 2,570,000 2 S 5,140,000 75 % $ 0 Fourth $ 3,840,000 0 100 % $ 0 quarter
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