On July 9, 2021, Cullumber Enterprises Inc. discovered it had recorded the $84,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $642,500 at its previous year end, December 31, 2020. During 2021, Cullumber had profit of $216,000 and it declared and paid cash dividends of $242,000. Cullumber has a 25% income tax rate. 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 (To record correction of error.) Credit Assuming the company reports under ASPE, prepare a statement of retained earnings. (List items that increase retained earnings first.) CULLUMBER ENTERPRISES INC. Statement of Retained Earnings