On July 9, 2021, Cullumber Enterprises Inc, discovered it had recorded the $67,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $510,500 at its previous year end, December 31, 2020. During 2021, Cullumber had profit of $172,000 and it declared and paid cash dividends of $192.000, 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. I no entry is required, select "No Entry for Date Account Titles and Explanation Debit Credit Jan. 1 (To record correction of error.) 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