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Problem 14-6A The ledger of Ivanhoe Limited at October 31, 2017, contains the following summary data: Cash dividends-common $108,000 Common shares 633,000 Depreciation expense 80,000 Fees earned 1,454,000 Operating expenses 914,000 Interest expense 43,000 Retained earnings, November 1, 2016 558,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. On March 19, 2017, Ivanhoe discovered an error made in the previous fiscal year. A $44,000 payment of a note payable had been recorded as interest expense. 3. On April 10, 2017, common shares costing $64,000 were reacquired for $88,000. 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 Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 19, 2017 Notes Payable Interest ExpensePrepare the journal entry to record the reacquisition of common shares. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 10, 2017 Calculate profit for the year ended October 31, 2017. Profit $Prepare the statement of retained earnings for the company for the year ended October 31, 2017. (List items that increase retained earnings first.) IVANHOE LIMITED Statement of Retained Earnings $