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Asked Jan 15, 2020
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Joplin Laminating Corporation reported income before income taxes during the first three quarters, and management’s estimates of the annual effective tax rate at the end of each quarter as shown below: Required: Determine the income tax expense to be reported in the income statement in each of the three quarterly reports.

Quarter
First
Second
Third
$100,000
Income before income taxes
$50,000
34%
$40,000
Estimated annual effective tax rate
30%
36%
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Quarter First Second Third $100,000 Income before income taxes $50,000 34% $40,000 Estimated annual effective tax rate 30% 36%

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