Noventis Corporation prepared the following estimates for the four quarters of the current year Third Fourth Quarter s 2.560.ae 660 000 Second Quarter s1,920,000 540,000 First Quarter $ 1,600.000 46e.Be0 370, e00 Quarten S2.240,000 61e,B8e 220,00e Sales Cost of goods sold Administrative costs Advertising costs 230,000 215.000 100,000 100,e00 76.000 Executive bonuses Provision for bad debts Annual maintenance costs 84.000 Additional Information First-quarter administrative costs include the $110,000 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 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. Answer is complete but not entirely correct. Net Income 1st Quarter 2nd Quarter s 770.000x 1,047.500 3rd Quarter 4th Quarter 1.292 500 1,552.500 b. Assume that actual results do not vary from the estimates provided except for that in the third quarter, the estimated annual effective incorme tax rate is revised downward to 38 percent. Determine the amount of net income to be reported each quarter of the current year X Answer is complete but not entirely correct. Net Income 1st Quarter 2nd Quarter 3rd Quarter $ 770,000 a 1.047.500 1.292.500 x 4th 1,552,500x Quarter 1st S 457 500 b Quarter 2nd Quarter 3rd Quarter 628,500 775,500 4th 962.550 Quarter