On July 9, 2021, Sandhill Enterprises Inc. discovered it had recorded the $81,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $619,500 at its previous year end, December 31, 2020. During 2021, Sandhill had profit of $208,000 and it declared and paid cash dividends of $233,000. Sandhill 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 Jan. 1 (To record correction of error.) eTextbook and Media Debit Credit Assuming the company reports under ASPE, prepare a statement of retained earnings. (List items that increase retained earnings first.) SANDHILL ENTERPRISES INC. Statement of Retained Earnings