Current Attempt in Progress I Coronado Corporation, a private company, began operations on January 1, 2020, During its first three years of operations, Coronado reported net income and declared dividends as follows: Met income Dividends declared 2020 450,000 $0 2021 130,000 50,000 2022 151,000 50,000 The following information is for 2023: Income before income tax 320,000 Correction of prior period error: understatement of 2021 depreciation expense (before tax) 35,000 Cumulative increase in prior years' income from change in inventory method (before tax) 45000 Dividends declared {of this amount, $25,000 will be paid on January 15, 2024) 100,000 [ (= Effective tax rate Question4of 5 > 1= W 4 w w w w w w w