The ledger of Sheridan Limited at October 31, 2021, contains the following summary data: Cash dividends-common $111,000 636,000 Common shares Depreciation expense 83,000 Service revenue 1,457,000 Operating expenses Interest expense 917,000 46,000 Retained earnings, November 1, 2020 561,000 Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. 3. On March 19, 2021, Sheridan discovered an error made in the previous fiscal year. A $47.000 payment of a note payable had been recorded as interest expense. On April 10, 2021, common shares costing $67,000 were reacquired for $91,000. This is the first time the company has reacquired common shares.