Question 5 On July 9, 2017, Carla Vista Enterprises Inc. discovered it had recorded the $71,000 purchase of land as legal expense on November 8, 2016. The company had reported retained earnings or $545,000 at its previous year end, December 31, 2016 During 2017, Carta Vinta had proft of $183,000 and it declared and paid cash dividends of $205,000. Carta Vista has a 25% income tax rate ZYour answer has been saved and sent for grading. See Gradebook for score details. Prepare the journal entry to correct the error. (Credit account titles are automatically indonted when the amount is entered. Do not indavit manunty. Ir no entry w required, walace for the ) Credit Date Account Titles and Explanation Jan. 1 and Debit 71,000 Retained ning 53,250 Income Tax Experte 17.750 Attemptsi 1 of 1 used (0) Assuming the company reports under ASPE, prepare a statement of retained earnings Listem that increase retained earnings first CARLA VISTA ENTERPRISES INC. Statement of Retained Earnings (b) ssuming the company reports under ASPE, prepare a statement of retained earnings. (List items that increase retained earnings CARLA VISTA ENTERPRISES INC. Statement of Retained Earnings