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In 2025, Crane Company discovered an error while preparing its financial statements. A building constructed at the beginning of 2024 costing $1329900 has not been
In 2025, Crane Company discovered an error while preparing its financial statements. A building constructed at the beginning of 2024 costing $1329900 has not been depreciated. The estimated useful life of the building is 30 years with no salvage value. Straight-line depreciation is used. Crane also used straight-line depreciation for tax purposes and properly included depreciation on its tax return. Income tax payable was also reported correctly at a tax rate of 20%. Income before tax and depreciation expenses in 2025 was $430000. What would be the 2025 net income if depreciation had been recorded properly? $430000$394536$308536$385670
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