Solaris Corporation prepared the following estimates for the four quarters of the current year Fiest Quarter 1,300,000 430,000 10,000 0 second Quarter $1,560,000 510,000 105,000 100.000 Third Quarter $1,820,000 550,000 190,000 Sales Cost of goods sold Administrative costs Advertising costs Executive bonuses Provision for bad debts Annual maintenance costs Fourth Quarter 1 2,000,000 630,000 200,000 76,000 64,000 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 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter bist Quarter 2nd Quarter 3rd Quarter th Quarter