Question

Skysong Corporation began operations on January 1 , 2022. During its first 3 years of operations , Skysong reported net income and declared dividends as follows : Net income Dividends declared 2022 $ 180,000 \$-0- 2023 528,000 226,000 2024 644,000 226,000 The following information relates to 2025 . $ 895,000 Income before income tax $ 126,000 Prior period adjustment : understatement of 2023 depreciation expense ( before taxes ) $ 154,000 Cumulative decrease in income from change in inventory methods ( before taxes ) $ 452,000 Dividends declared ( of this amount . $ 126.000 will be paid on Jan. 15 2026 )

          Skysong Corporation began operations on January 1 , 2022. During its first 3 years of operations , Skysong reported net income and declared dividends as follows : Net income Dividends declared 2022 $ 180,000 \$-0- 2023 528,000 226,000 2024 644,000 226,000 The following information relates to 2025 . $ 895,000 Income before income tax $ 126,000 Prior period adjustment : understatement of 2023 depreciation expense ( before taxes ) $ 154,000 Cumulative decrease in income from change in inventory methods ( before taxes ) $ 452,000 Dividends declared ( of this amount . $ 126.000 will be paid on Jan. 15 2026 )

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