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Solaris Corporation prepared the following estimates for the four quarters of the current year: First Quarter $ 1,300,000 430,000 310,000 Second Quarter $ 1,560,000 510,000 185,000 100,000 Sales Cost of goods sold Administrative costs Advertising costs Executive bonuses Provision for bad debts Annual maintenance costs Third Quarter $ 1,820,000 580,000 190,000 0 Fourth Quarter $ 2,080,000 630,000 200,000 76,000 64,000 @ 0 72,000 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. The company estimates an effective income tax rate for the year of 25 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 22 percent. Determine the amount of net income to be reported each quarter of the current year. Net Income Period a. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter b. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter