Current Attempt in Progress

In $2025,$ Cullumber Company discovered an error while preparing its financial statements. A building constructed at the beginning of

$2024$ costing $$1230000$ has not been depreciated. The estimated useful life of the building is $30$ years with no salvage value. Straight$-$

line depreciation is used. Cullumber also used straight$-$line depreciation for tax purposes and properly included depreciation on its tax

return. Income tax payable was also reported correctly at a tax rate of $20\%.$ Income before tax and depreciation expenses in $2025$ was

$$330000.$

What would be the $2025$ net income if depreciation had been recorded properly?

$$330000$

$$231200$

$$297200$

$$289000$

eTextbook and Media