operating loss tax benefits

Project Description:

operating loss tax benefits
tem technology has a first quarter operating loss of $100,000 and expects the following income for the other three quarters:
second quarter $80,000
third quarter 160,000
fourth quarter 400,000
tem estimated the effective annual rate at 40% at the end of the first quarter and changed it to 45 percent at the end of the third quarter. the company has a normal seasonal pattern of lossess in the first quarter and income in the other quarters.
prepare a schedule computing the tax or tax benefits that should be shown on the interim statements.
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