ASAP PLEASE

The ledger of Ivanhoe Limited at October 31, 2021, contains the following summary data:

Cash dividendscommon		$119,000
Common shares		644,000
Depreciation expense		91,000
Service revenue		1,465,000
Operating expenses		925,000
Interest expense		54,000
Retained earnings, November 1, 2020		569,000

Your analysis reveals the following additional information:

1.		The company has a 25% income tax rate.
2.		On March 19, 2021, Ivanhoe discovered an error made in the previous fiscal year. A $55,000 payment of a note payable had been recorded as interest expense.
3.		On April 10, 2021, common shares costing $75,000 were reacquired for $99,000. This is the first time the company has reacquired common shares.

A). Calculate profit for the year ended October 31, 2021.

Profit

$___________

B) Prepare the statement of retained earnings for the company for the year ended October 31, 2021. (List items that increase retained earnings first.)