Because of fears about the outcome of several lawsuits in progress during the years 2010 through 2015, Titan Corporation had appropriated retained earnings of $178,000, and transferred that amount from the Retained Earnings account to Retained Earnings Appropriated for Contingencies. In October 2016, the lawsuits were settled, and Titan Corporation paid $150,000 to settle them. The board of directors breathed a sigh of relief and on November 1, 2016, passed a resolution that the appropriation was no longer needed. Prepare the necessary journal entry on November 1 to close the appropriation account.