Kingbird Corporation began operations on January 1, 2022. During its first 3 years of operations, Kingbird...

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Kingbird Corporation began operations on January 1, 2022. During its first 3 years of operations, Kingbird reported net income and declared dividends as follows. Dividends Net income declared 2022 $48,000 $ -0- 2023 150,000 60,000 2024 192,000 60,000 The following information relates to 2025. Income before income tax $288,000 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) 30,000 Dividends declared (of this amount, $30,000 will be paid on Jan. 15, 2026) 120,000 Effective tax rate 20% Kingbird Corporation began operations on January 1, 2022. During its first 3 years of operations, Kingbird reported net income and declared dividends as follows. Dividends Net income declared 2022 $48,000 $ -0- 2023 150,000 60,000 2024 192,000 60,000 The following information relates to 2025. Income before income tax $288,000 Prior period adjustment: understatement of 2023 depreciation expense (before taxes) 30,000 Dividends declared (of this amount, $30,000 will be paid on Jan. 15, 2026) 120,000 Effective tax rate 20%