Using the information provided in BE 15- 13 and the stockholders€™ equity section of the Oz Lollypop Company presented below, adjust the balance sheet for the correction of the error.
In BE 15- 13
In its audit of the Oz Lollypop Company, Able and Ready, CPAs, discovered that the firm did not record a $ 975,000 expense in 2012 (for both book and tax purposes). Oz never paid this amount due on the invoice it received. The CPAs discovered this error in 2016. Assuming a constant tax rate of 35%, prepare the journal entry required to record the correction of the error.

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Stockholders' Equity Contributed Capital: 1,000,000 15,500,000 $16,500,000 $32,797400 $ 49,297400 Common Stock, at par Additional Paid-in Capital in Excess of Par Common Total Contributed Capital Retained Earnings Total Stockholders' Equity Additional information: Retained earnings on 1/1/2016 as previously reported Net income for the year endad 12/31/2016 Dividends declared for year ended 12/31/2016 $23,670,000 9,452,000 324,600