The ledger of Sandhill Limited at October 31, 2021, contains the following summary data: Cash dividends-common Common shares Depreciation expense Service revenue Operating expenses Interest expense Retained earnings, November 1, 2020 $125,000 650,000 97,000 1,471,000 931,000 60,000 575,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. On March 19, 2021, Sandhill discovered an error made in the previous fiscal year. A $61,000 payment of a note payable had been recorded as interest expense. 3. On April 10, 2021, common shares costing $81,000 were reacquired for $105,000. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 19, 2021 (To record correction of error.) e Textbook and Media List of Accounts Prepare 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 for the amounts.) Debit Credit Date Account Titles and Explanation Apr. 10, 2021 (To record reacquisition of common shares.) e Textbook and Media List of Accounts Calculate profit for year ended October 31, 2021. Profit $ e Textbook and Media List of Accounts Accumulated Depreciation - Equipment Accumulated Other Comprehensive Income Advertising Expense Cash Cash Dividends - Common Cash Dividends - Preferred Common Shares Contributed Surplus - Reacquisition of Common Shares Contributed Surplus - Reacquisition of Preferred Shares Cost of Goods Sold Depreciation Expense Dividends Payable Fees Earned Gain on Disposal Income Summary Income Tax Expense Income Tax Payable Income Tax Recoverable Interest Expense Inventory Land Long-Term Investments Merchandise Inventory No Entry Notes Payable Operating Expenses Preferred Shares Rent Revenue Retained Earnings Sales Stock Dividends Stock Dividends Distributable Prepare the statement of retained earnings for the company for the year ended October 31, 2021. (List items that increase retained earnings first.) SANDHILL LIMITED Statement of Retained Earnings $ e Textbook and Media List of Accounts