Questions 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 of $545,000 at its previous year end, December 31, 2016. During 2017, Carla Vista hod profit of $183,000 and I dedared and paid cash dividends of $205,000. Carla Vista has a 25% income tax rate. (a) Prepare the journal entry to correct the error (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ir no entry is required, select " Entry" for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation on. . . Question 5 On July 9, 2017, Carla Vista Enterprises Inc. discovered it had recorded the $71,000 purchase of land $545,000 at its previous year end, December 31, 2016. During 2017, Carla Vista had profit of $183,000 and it declared and paid cash dividends of $ 205,000. (a) Prepare the journal entry to correct the error. (Credit account titles are automatically indented w Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. Cash Income Tax Expense Income Tax Payable Retained Earnings Land