A company reported income before taxes of $14,800 for the year ended December 31, 2020. In reviewing their accounts after the books had been closed, you discover that the following errors had been made in compiling the financial statements: Overstatement of ending inventory ........................... $700 Overstatement of depreciation expense ..................... $450 Understatement of advertising expense ..................... $150 The correct amount of income before taxes that should have been reported for the year ended December 31, 2020, is: A) $15,800 B) $15,200 C) $14,700 D) $14,400 E) $13,500