Noventis Corporation prepared the following estimates for the four quarters of the current year First Quarter $ 1,350,00e 440,000 470,ee0 Second Third Fourth Quarter $ 2,160,00e 640,000 Quarter S 1,620,000 Quarter S 1,890,000 Sales Cost of goods sold Adninistrative costs Advertising costs 520,000 265,000 180,000 590,e00 270,000 280,000 Executive bonuses Provision for bad debts Annual maintenance costs 92,000 54,000 72,000 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 proviced 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 Assuming that actual results do not vary from the estimates provided, determine the amount of net income to be reported eac 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 qua the current year. Net Income a 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter b 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter