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5 At the end of the second quarter of 20x1, Malta Corporation assembled the following Information: 5 points 1. The first quarter resulted in a $128.000 loss before taxes. During the second quarter sales were $1.238.000; purchases were $688.000; and operating expenses were $358,000. 2. Cost of goods sold is determined using the FIFO method. The Inventory at the end of the first quarter was reduced by $42000 to a lower-of-cost-or-market figure of $116.000. During the second quarter, replacement costs recovered, and by the end of the period. market value exceeded the ending Inventory cost by $39,250. 3. The ending Inventory is estimated using the gross profit method. The estimated gross profit rate is 45 percent. 4. At the end of the first quarter, the effective annual tax rate was estimated at 45 percent At the end of the second quarter, expected annual Income is $680.000. An Investment tax credit of $15.000 and dividends recelved deduction of $90,000 are expected for the 5. The tax benefits from operating losses are assured beyond a reasonable doubt. Prior-years Income totaling $50,000 is available for operating loss carrybacks. eBook Print Reference: Required: a. Calculate the expected effective annual tax rate at the end of the second quarter for Malta. (Round your answer to 1 decimal place.) Estimated effective annual tax rate % 07 b. Prepare the income statement for the second quarter of 20X1. Your solution should include a computation of Income tax (or benefit) for the first and second quarters. (Negative amounts should be entered with minus sign. Round your percentage answers to 1 decimal place.) 5 points MALTA CORPORATION Income Statement For Three Months Ended June 30, 20X1 eBook Cost of goods sold: Print Goods available References Income (Loss) Before Taxes Current Year- Period to-date Estimated Effective Annual Tax Rate Tax (Benefit) Less Previously Provided Year- to-date Period Reported in this Period 1 2 % %