The ledger of Sunland Limited at October 31, 2021, contains the following summary data:

Cash dividendscommon		$112,000
Common shares		637,000
Depreciation expense		84,000
Service revenue		1,458,000
Operating expenses		918,000
Interest expense		47,000
Retained earnings, November 1, 2020		562,000

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 $48,000 payment of a note payable had been recorded as interest expense.
3.		On April 10, 2021, common shares costing $68,000 were reacquired for $92,000. 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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Mar. 19, 2021

Calculate profit for the year ended October 31, 2021.

Profit

$

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