Noventis Corporation prepared the following estimates for the four quarters of the current year. S First Quarler 1.350.000 440,000 470,000 S $ Third Cuarter 1.990.000 590.000 270.000 $ Sacond Quarler 1.620.000 520.000 265.000 120.000 Fourth Quarter 2.160.000 640 000 280,000 Sales Cost of goods sold Administrative costs Advertising costs Executive bonuses Provision for bad debls Annual maintenance oosts 92,000 54.000 72,000 Additional Information - First-quartor administrative costs include the $150,000 annual insurance premiurn. 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 nol vary from the estimates prowideci, clelermine 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 annount of net income to be reported each quarter of the current year. Net Income 1st Quarter 2nd Quarter 3rd Quarter 4h Quarter 1st Quarter 2nd Quarter 3rd Quarter 4.h Quarter