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The ledger of Oriole Limited at October 31, 2021, contains the following summary data: Cash dividendscommon $109,000 Common shares 634,000 Depreciation expense 81,000 Service revenue
The ledger of Oriole Limited at October 31, 2021, contains the following summary data: Cash dividendscommon $109,000 Common shares 634,000 Depreciation expense 81,000 Service revenue 1,455,000 Operating expenses 915,000 Interest expense 44,000 Retained earnings, November 1, 2020 559,000 Your analysis reveals the following additional information: 1. The company has a 2595 income tax rate. 2. On March 19, 202 1, Oriole discovered an error made in the previous fiscal year. A $45,000 payment of a note payable had been recorded as interest expense. 3. On April 10, 2021, common shares costing $65,000 were reacquired for $89,000. This is the rst 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, 2021 (To record correction of error.)Calculate profit for the year ended October 31, 2021. Profit Question Part Score --/2
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