Blue Corporation began operations on January 1, 2022. During its first 3 years of operations, Blue reported net income and declared dividends as follows. Net income Dividends declared 2022 $48,800 $-0- 2023 152,500 61,000 2024 195,200 61,000 The following information relates to 2025. Income before income tax $292,800 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) 30,500 Dividends declared (of this amount, $30,500 will be paid on Jan. 15, 2026) 122,000 Effective tax rate 20%