please fix the incorrect red answers, no need to complete boxes that are green. those answers are already right.

Chris Incorporated has accumulated the following information for its second-quarter income statement for 202 : Additional Information 1. Flrst-quarter Income before taxes was $116,000, and the estimated effective annual tax rate was 40 percent. At the end of the second quarter, expected annual income is $760,000, and a dividend exclusion of $46,000 and a business tax credit of $15,000 are anticipated. The combined state and federal tax rate is 50 percent. 2. The $436,000 cost of goods sold is determined by using the LIFO method and Includes 7,500 units from the base layer at a cost of $12 per unit. However, you have determined that these units are expected to be replaced at a cost of $26 per unit. 3. The operating expenses of $246,000 include a $76,000 factory rearrangement cost incurred in April. You have determined that the second quarter will receive about 25 percent of the benefits from this project with the remainder benefiting the third and fourth quarters. Required: a. Calculate the effective annual tax rate expected at the end of the second quarter for Chris Incorporated. b. Prepare the income statement for the second quarter of 202. Your solution should include a computation of income tax (or benefit): Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the effective annual tax rate expected at the end of the second quarter for Chris Incorporated. a. Calculate the effective annual tax rate expected at the end of the second quarter for Chris Incorporated. b. Prepare the income statement for the second quarter of 202. Your solution should Include a computation of income tax (or benefit): Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the income statement for the second quarter of 202. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Your solution should include a computation of income tax (or benefit)