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

Cash dividendscommon		$126,000
Common shares		651,000
Depreciation expense		98,000
Service revenue		1,472,000
Operating expenses		932,000
Interest expense		61,000
Retained earnings, November 1, 2020		576,000

Your analysis reveals the following additional information:

1.		The company has a 25% income tax rate.
2.		On March 19, 2021, Wildhorse discovered an error made in the previous fiscal year. A $62,000 payment of a note payable had been recorded as interest expense.
3.		On April 10, 2021, common shares costing $82,000 were reacquired for $106,000. 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
	(To record correction of error.)

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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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Apr. 10, 2021
	(To record reacquisition of common shares.)

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List of Accounts

Calculate profit for the year ended October 31, 2021.

Profit

$

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List of Accounts

Prepare the statement of retained earnings for the company for the year ended October 31, 2021. (List items that increase retained earnings first.)

WILDHORSE LIMITED Statement of Retained Earnings Year Ended October 31, 2021October 31, 2021Month Ended October 31, 2021
Cash DividendsOther Comprehensive IncomeComprehensive IncomeBalance, November 1, 2020 as Previously ReportedBalance October 31, 2021Profit before Income TaxesTotal ExpensesProfit from OperationsExpensesRevenuesBalance, November 1 as AdjustedReacquired Common SharesCorrection of Error in Recording Payment on Notes Payable in 2020Total RevenuesProfit / (Loss)		$
LessAdd: Profit before Income TaxesBalance, November 1, 2020 as Previously ReportedProfit from OperationsRevenuesReacquired Common SharesTotal RevenuesBalance, November 1 as AdjustedComprehensive IncomeCash DividendsExpensesBalance October 31, 2021Total ExpensesOther Comprehensive IncomeProfit / (Loss)Correction of Error in Recording Payment on Notes Payable in 2020
Total RevenuesProfit before Income TaxesCorrection of Error in Recording Payment on Notes Payable in 2020Reacquired Common SharesProfit / (Loss)Balance October 31, 2021Profit from OperationsExpensesCash DividendsRevenuesBalance, November 1 as AdjustedComprehensive IncomeBalance, November 1, 2020 as Previously ReportedTotal ExpensesOther Comprehensive Income
AddLess: Reacquired Common SharesBalance, November 1 as AdjustedExpensesProfit from OperationsCash DividendsBalance, November 1, 2020 as Previously ReportedOther Comprehensive IncomeComprehensive IncomeTotal ExpensesProfit / (Loss)Total RevenuesProfit before Income TaxesRevenuesCorrection of Error in Recording Payment on Notes Payable in 2020Balance October 31, 2021
AddLess:
Reacquired Common SharesProfit before Income TaxesCorrection of Error in Recording Payment on Notes Payable in 2020Total ExpensesBalance, November 1 as AdjustedProfit from OperationsOther Comprehensive IncomeBalance October 31, 2021Balance, November 1, 2020 as Previously ReportedComprehensive IncomeCash DividendsProfit / (Loss)ExpensesTotal RevenuesRevenues	$
Correction of Error in Recording Payment on Notes Payable in 2020Reacquired Common SharesTotal ExpensesProfit before Income TaxesCash DividendsTotal RevenuesProfit / (Loss)Other Comprehensive IncomeRevenuesComprehensive IncomeBalance October 31, 2021Profit from OperationsBalance, November 1 as AdjustedBalance, November 1, 2020 as Previously ReportedExpenses
Total ExpensesComprehensive IncomeProfit / (Loss)Balance, November 1 as AdjustedTotal RevenuesOther Comprehensive IncomeProfit from OperationsCash DividendsBalance October 31, 2021ExpensesReacquired Common SharesProfit before Income TaxesBalance, November 1, 2020 as Previously ReportedCorrection of Error in Recording Payment on Notes Payable in 2020Revenues		$