On July 9.2021. Cullumber Enterprises in discovered it had recorded the $67.000 purchase of land as fecal expense on November 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 Date Account Titles and Explanation Del Credit To record correction of CULLUMBER ENTERPRISES INC. Statement of Retained Earnings Year Ended December 31, 2021 Balance, January 1 Previously Reported 510500 Prot/ 122000 Balance, Imuary 1st Cash Dividends -192000