The corporation made estimated tax payments of $3,000 and the corporations federal income tax expense is equal to the federal tax liability. Calculate the 2017 estimated tax payments. (There is no additional information, this is all the problem gives!)

The Olive Corporation Income Statement for the Year Ended December 31, 2017 $ 270,000 Gross income from operations Qualified dividends received from a 35 percent- 20,000 $ 290,000 (110,000 180,000 owned domestic corporation Total gross income Cost of goods sold Total income Other expenses Compensation of officers Salaries and wages Bad debts (direct charge-offs) Repairs Depreciation for book and tax purposes Advertising Payroll taxes $77,000 30,000 9,000 3,000 10,000 2,000 16,000 Total other expenses Net income (before federal income tax expense) (147,000) 33,000 The Olive Corporation Balance Sheet as of December 31, 2017 Assets Cash Accounts receivable Inventory (at cost) Equipment Less: accumulated depreciation 30,000 20,000 70,000 90,000 10,000 Total assets $200,000 Liabilities and owners' equity Accounts payable Note payable (due in 10 years) Common stock Retained earnin $4,550 85,000 80,000 30,450 gs Total liabilities and owners' equity $200,000