Sunland Corporation began operations on January 1, 2022. During its first 3 years of operations, Sunland reported net income and declared dividends as follows. Net income Dividends declared 2022 $41,600 $-0- 2023 130,000 52,000 2024 166,400 52,000 The following information relates to 2025. Income before income tax Prior period adjustment: understatement of 2023 depreciation expense (before taxes) Dividends declared (of this amount, $26,000 will be paid on Jan. 15, 2026) Effective tax rate: $249,600 26,000 104,000 20%