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An entity started operations at the beginning of current year. the entity failed to recognize...

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Accounting

An entity started operations at the beginning of current year. the entity failed to recognize accruals and prepayments at the end of reporting period. the income tax accrual and prepayments at the end of the current year are:

income before tax 4000000

prepaid insurance 200000

accrued wages 250000

rent revenue collected in advance 300000

interest receivable 500000

what is the corrected net income?

a. 4150000

b. 4000000

c. 4050000

d. 4700000

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