Last year, Cougar Corp. (CC) reported a net operating loss of $25,000. In the current year, CC expected its current year tax liability to be $260,000 so it made four equal estimated tax payments of $65,000 each. Cougar closed its books at the end of each quarter. The following schedule reports CC’s taxable income at the end of each quarter: 

Quarter-end	Cumulative taxable income
First	$300,000
Second	$700,000
Third	$1,000,000
Fourth	$1,500,000

CC’s current year tax liability on $1,500,000 of taxable income is $315,000. Does CC owe underpayment penalties on its estimated tax payments? If so, for which quarters does it owe the penalty?