Noventis Corporation prepared the following estimates for the four quarters of the current year: Second Quarter $ 1,250,000 $1,500,000 $1,750,000 First Quarter Third Quarter Fourth Quarter Sales Cost of goods sold Administrative costs Advertising costs Executive bonuses Provision for bad debts Annual maintenance costs 425,000 300,00e 505,000 180,000 200,000 2,000,000 625,000 195,000 575,000 185,000 72,000 62,000 70,000 Additional Information . First-quarter administrative costs include the $150,000 annual insurance premium . Advertising costs paid in the second quarter relate to television advertisements that will be broadcast throughout the entire year . No special items affect income during the year . Noventis estimates an effective income tax rate for the year of 40 percent. a. Assuming that actual results do not vary from the estimates provided, determine the amount of net income to be reported each quarter of the current year. b. Assume that actual results do not vary from the estimates provided except for that in the third quarter, the estimated annual effective income tax rate is revised downward to 38 percent. Determine the amount of net income to be reported each quarter of the current year Net Income a. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter b. 1st Quarter 2nd Quarter rd Quarter 4th Quarter