19 Problem 16-59 (LO 16-3) (Algo) 5.32 points eBook Hint 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 Cumulative Taxable Income $ 1,600,000 2,470,000 3,465,000 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. Print Annual Estimated Installment Taxable Income Annualization Factor Tax on estimated Taxable taxable Income To Be Paid income Percentage of Required Tax Required Cumulative Payment Prior Cumulative Payments Required Estimated Tax Payment References First quarter Second quarter Third quarter $ 0 % $ 0 $ 0 % $ 0 $ 0 % $ 0 Fourth quarter $ 0 % $ 0

None

Status Single     DATA TABLE             Total Tax Payments  $                   8,342         Taxable Income  $            55,060.00     20,000           30,000   Total Tax  $                   7,972     40,000               Refund Amount                       Amount Owed           Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?

Compute HC Inc's current-year taxable income given the following information relating to its 2020 activities. Also, compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. Use Exhibit 16-6, • Gross profit from inventory sales of $310,000 (no book-tax differences). • Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $300,000 (no book-tax differences). • NOL carryover from prior year of $12,000. • Cash charitable contribution of $50,000. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. (Enter all values as positive numbers.) Schedule M-1: Reconcillation of Income (Loss) per Books With Income per Return 1. Net income (loss) per books 2. Federal…