HB Company is a private company with a significant amount of long-term debt.The company reports under IFRS.One of the conditions of the debt-financing indenture is that it must provide quarterly financial statements to the lender.HB pays tax at the rate of 20% on the first $200,000 of income and 40% on any income in excess of $200,000.During 20X5,the company earned $500,000 and paid tax at an average rate of 32%.Similar results were expected for 20X6.
HB realized the following actual results for the year ended December 31,20X6 (in thousands): 
Required:
Calculate income tax expense (recovery)for each quarter in 20X6 and for the year in total under the:
a.discrete approach
b.integral approach
Definitions:
Demand Changes
Variations in the desire or need for a product or service, influenced by factors like price, income levels, and consumer preferences.
Price
The value that must be exchanged to obtain a good or service.
Quantity
Quantity refers to the amount or number of a material or immaterial good or service.
Marginal Cost
The price of manufacturing one additional product or service unit.
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