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  3. on july 9,2024, oriole enterprises inc. discovered

On July 9,2024, Oriole Enterprises Inc. discovered it had recorded the \$77,000 purchase of land...

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Accounting

On July 9,2024, Oriole Enterprises Inc. discovered it had recorded the \$77,000 purchase of land as a legal expense on November 8,2023. The company had reported retained earnings of \(\$ 590,500\) at its previous year end, December 31,2023.
During 2024, Oriole had profit of \(\$ 199,000\) and it declared and paid cash dividends of \(\$ 222,000\). Oriole has a \(25\%\) income tax rate.
(a)
Prepare the journal entry to correct the 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. List all debit entries before credit entries.)
Date Account Titles
Debit
Credit
Jan. 1
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