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Exercise 4-15 . BACK The Whispering Winds Corporation, a private company, began operations on January 1, 2014. During its first three years of operations, declared dividends as follows: Dividends Net income declared 2014 $56,000 2015 134,000 50,000 2016 159,000 50,000 The following information is for 2017: Income before income tax $350,000 Prior period adjustment: understatement of 2015 depreciation expense (before tax) 58,000 Cumulative increase in prior years' income from change in inventory method (before tax) 38,000 Dividends declared (of this amount, $25,000 will be paid on January 15, 2018) 100,000 Effective tax rate 40% y follows ASPE. (List items that increw inst.)