Business
Business, 26.02.2020 04:19, alexabdercmur

Nash Corporation began operations on January 1, 2017. During its first 3 years of operations, Nash reported net income and declared dividends as follows: Net income Dividends declared 2017 $46,700 $ –0– 2018 134,000 55,100 2019 162,200 59,300 The following information relates to 2020. Income before income tax $248,500 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $29,000 Cumulative decrease in income from change in inventory methods (before taxes) $40,900 Dividends declared (of this amount, $29,000 will be paid on Jan. 15, 2021) $114,400 Effective tax rate 20 %

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