The estimated and actual pretax incomes of Ent Corporation by quarter for 2011 were as follows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter |
Estimated pretax income | $30,000 | $30,000 | $40,000 | $50,000 |
Actual pretax income | 30,000 | 40,000 | 40,000 | 40,000 |
Ent calculated its estimated annual effective income tax rate to be 27.8333 percent, based on estimated pretax income and existing income tax rates.
REQUIRED: Prepare a schedule to calculate Ent Corporation’s net income by quarter.
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