On March 1, 2017, Cullumber Bakeries, Inc. discovered that the cost of Land purchased in 2016 was erroneously recorded as rent expense. The cost of the Land was $120,000. The company's year end is December 31 and the income tax rate is 28%. Prepare the journal entry to correct this 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 Credit Mar. 1