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Vertic Laminating Corporation reported income before income taxes during the first three quarters, and management's estimates of the as shown below: Quarter First Second Third
Vertic Laminating Corporation reported income before income taxes during the first three quarters, and management's estimates of the as shown below: Quarter First Second Third $40,000 $30,000 $80,000 30% Income before income taxes Estimated annual effective tax rate 32% 34% Required: Determine the income tax expense to be reported in the income statement in each of the three quarterly reports 1 Point
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