Vega Corporation reported retained earnings of $5,130,000 at December 31, 2023. In 2024, the company earned $2 million of profit and declared and paid a $275,000 cash dividend. On March 7, 2024, Vega found an error made in 2023 when it purchased land; the $275,000 cost of the land was debited to Legal Expense in error. Vega's income tax rate is 30%. (a) Prepare the journal entry to correct the error. (b) Prepare a statement of retained earnings