On July 9, 2021, Blossom Enterprises Inc. discovered it had recorded the $74,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $562,000 at its previous year end. December 31, 2020. During 2021, Blossom had profit of $189,000 and it declared and paid cash dividends of $212.000. Blossom has a 25% income tax rate. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry to correct the error. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Jan. 1 Land Income Tax Payable Retained Earnings 0 (To record correction of error.) 74000 Credit 18500 55500