Swifty Corporation began operations on January 1, 2017. During its first 3 years of operations, Swifty reported net income and declared dividends as follows: Net income Dividends declared 2017 $44,000 $ -0- 2018 132,600 57,800 2019 164,100 56,700 The following information relates to 2020. Income before income tax $242,000 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $28,400 Cumulative decrease in income from change in inventory methods (before taxes) $40,200 Dividends declared (of this amount, $28,400 will be paid on Jan. 15, 2021) $114,500 Effective tax rate 20 %