Noventis Corporation prepared the following estimates for the four quarters of the current year:

First Quarter Second Quarter Third Quarter Fourth Quarter Sales $ 1,325,000 $ 1,590,000 $ 1,855,000 $ 2,120,000 Cost of goods sold 438,000 518,000 588,000 638,000 Administrative costs 480,000 270,000 275,000 285,000 Advertising costs 0 200,000 0 0 Executive bonuses 0 0 0 96,000 Provision for bad debts 0 0 0 56,000 Annual maintenance costs 74,000 0 0 0

Additional Information

First-quarter administrative costs include the $160,000 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.

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.