Windsor Corporation began operations on January 1, 2022. During its first 3 years of operations, Windsor reported net income and declared dividends as follows. Dividends Net income declared 2022 $37,600 $-0- 2023 117,500 47,000 2024 150,400 47,000 The following information relates to 2025. Income before income tax $225,600 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) Dividends declared (of this amount, $23,500 will be paid on Jan. 15, 2026) 23,500 94,000 20% Effective tax rate