Nash Corporation began operations on January 1, 2022. During its first 3 years of operations, Nash reported net income and declared dividends as follows. Net income Dividends declared 2022 $32,800 $ -0- 2023 102,500 41,000 2024 131,200 41,000 The following information relates to 2025. Income before income tax $196,800 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) 20,500 Dividends declared (of this amount, $20,500 will be paid on Jan. 15, 2026) 82,000 Effective tax rate 20%