Required information Skip to question [The following information applies to the questions displayed below.] XYZ is a ca

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XYZ is a calendar-year corporation that began business on January
1, 2021. For the year, it reported the following information in its
current-year audited income statement. Notes with important tax
information are provided below. Use Exhibit 16-6.
Estimated tax information:
XYZ made four equal estimated tax payments totaling $360,000
($90,000 per quarter). For purposes of estimated tax liabilities,
assume XYZ was in existence in 2020 and that in 2020 it reported a
tax liability of $500,000. During 2021, XYZ determined its taxable
income at the end of each of the four quarters as follows:
Finally, assume that XYZ is not a large corporation for purposes
of estimated tax calculations. (Do not round
intermediate calculations. Round your answers to the nearest dollar
amount.)
a. Compute XYZ’s taxable income.