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For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Cumulative Taxable Income $ 1,960,000 2,905,000 3,615,000 Quarter-End First Second Third What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount. Installment First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,960,000 $ 1,960,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6 $ 9.0000000 $ Tax on estimated taxable income 7,840,000 $ 3,136,000 7,840,000 0 Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment $ $ $ $ Prior Cumulative Payments 784,000 $ 0 $ $ 0 0 Required Estimated Tax Payment 0 $ 196,000 784,000 $ 2,905,000 378,000 $ 3,615,000 $ 3,615,000

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Cumulative Taxable Income $ 1,960,000 2,905,000 3,615,000 Quarter-End First Second Third What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount. Installment First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,960,000 $ 1,960,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6 $ 9.0000000 $ Tax on estimated taxable income 7,840,000 $ 3,136,000 7,840,000 0 Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment $ $ $ $ Prior Cumulative Payments 784,000 $ 0 $ $ 0 0 Required Estimated Tax Payment 0 $ 196,000 784,000 $ 2,905,000 378,000 $ 3,615,000 $ 3,615,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Installment Cumulative What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount. First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,960,000 2,905,000 3,615,000 Taxable Income $ 1,960,000 $ 1,960,000 Annualization Factor Tax on estimated taxable income 7,840,000 $3,136,000 7,840,000 Annual Estimated Taxable Income 4 $ 4 $ 6 $ 9.0000000 $ 0 0 Percentage of Tax Required To Be Paid Required Required Prior Cumulative Cumulative Estimated Tax Payment Payments Payment 25 % $ 50 % $ 75% $ 100 % $ 784,000 $ 0 $ 0 $ 0 0 $ 196,000 784,000 $2,905,000 378,000 $3,615,000 $3,615,000
Transcribed Image Text:For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Installment Cumulative What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount. First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,960,000 2,905,000 3,615,000 Taxable Income $ 1,960,000 $ 1,960,000 Annualization Factor Tax on estimated taxable income 7,840,000 $3,136,000 7,840,000 Annual Estimated Taxable Income 4 $ 4 $ 6 $ 9.0000000 $ 0 0 Percentage of Tax Required To Be Paid Required Required Prior Cumulative Cumulative Estimated Tax Payment Payments Payment 25 % $ 50 % $ 75% $ 100 % $ 784,000 $ 0 $ 0 $ 0 0 $ 196,000 784,000 $2,905,000 378,000 $3,615,000 $3,615,000
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