Sunland Corporation began operations on January 1, 2014. During its first 3 years of operations, Sunland reported net income and declared dividends as follows: Net income Dividends declared 2014 $191,000 $-0- 2015 537,000 239,000 2016 647,000 239.000 The following information relates to 2017. $995,000 Income before income tax $127.000 $141.000 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $127,000 will be paid on Jan 15, 2018) $478,000 40 % Effective tax rate Sunland Corporation began operations on January 1, 2014. During its first 3 years of operations, Sunland reported net income and declared dividends as follows: Net income Dividends declared 2014 $191,000 $-0- 2015 537,000 239,000 2016 647,000 239.000 The following information relates to 2017. $995,000 Income before income tax $127.000 $141.000 Prior period adjustment: understatement of 2015 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $127,000 will be paid on Jan 15, 2018) $478,000 40 % Effective tax rate