Show Attempt History Current Attempt in Progress The ledger of Sunland Limited at October 31, 2021, contains the following summary data: Cash dividends-common $123,000 Common shares 648.000 Depreciation expense 95.000 Service revenue 1,469,000 Operating expenses 929.000 Interest expense 58,000 Retained earnings. November 1, 2020 573.000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. On March 19.2021, Sunland discovered an error made in the previous fiscal year. A $59,000 payment of a note payable had been recorded as interest expense. 3 . On April 10. 2021. common shares costing $79.000 were reacquired for $103,000. This is the first time the company has reacquired common shares. * Your answer is incorrect. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Mar 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 19. 2021 (To record correction of error.) Prepare the journal entry to record the reacquisition of common shares. (Credit account titles are automatically indented when th 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 Apr. 10, 2021 (To record reacquisition of comrnon shares.) Calculate profit for the year ended October 31, 2021. Profit $ Your answer is partially correct. Prepare the statement of retained earnings for the company for the year ended October 31, 2021. (List items that increase IL SUNLAND LIMITED Statement of Retained Earnings Year Ended October 31, 2021 Balance, November 1, 2020 as Previously Reported Add V Correction of Error in Recording Payment on Notes Payable in 2020 Balance, November 1 as Adjusted Add Comprehensive Income Less Cash Dividends Reacquired Common Shares