he ledger of Zug Limited at October $31,2024,$ contains the following summary data:

Cash dividends$$common

$ $120,000$

Operating expenses

$$929,000$

Common shares

$650,000$

Interest expense

$54,000$

Depreciation expense

$87,000$

Retained earnings, November $1,2023$

$575,000$

Service revenue

$1,476,000$

$$

$$

Your analysis reveals the following additional information:

The company has a $25\%$ income tax rate.

On March $19,2024,$ Zug discovered an error made in the previous fiscal year. A $$57,000$ payment of a note payable had been recorded as interest expense.

On April $10,2024,$ common shares costing $$75,000$ were reacquired for $$97,500.$ This is the first time the company has reacquired common shares.

Instructions

Prepare a journal entry to correct the prior period error.

Prepare the journal entry to record the reacquisition of common shares.

Calculate profit for the year ended October $31,2024.$

Prepare the statement of retained earnings for the company for the year ended October $31,2024.$