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please can you solve it The ledger of Sheridan Limited at October 31, 2021. contains the following summary data: Cash dividends-common Common shares Depreciation expense
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The ledger of Sheridan Limited at October 31, 2021. contains the following summary data: Cash dividends-common Common shares Depreciation expense Service revenue Operating expenses Interest expense Retained earnings, November 1, 2020 $111.000 636.000 83,000 1.457.000 917.000 46.000 561,000 Your analysis reveals the following additional information: 1 The company has a 25% income tax rate. 2. On March 19,2021. Sheriden discovered an error made in the previous fiscal year. A 47.000 payment of a note payable had been recorded as interest expense 3. On April 10, 2021 common shares costing 567,000 were reacquired for $91.000. This is the first time the company has reacquired common shares. Prepare a journal entry to correct the prior period error. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Enty for the accounts and amounts) Date Account Titles and Explanation Mar 19,2021 Debit Credit (To record correction of error.)Step by Step Solution
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