in fiscal 2017 upshall ltd upshall pur chased land for 250000 for some reason the land was expensed when it was pur chased/

Required:
Prepare the journal entry that must be made in Upshall’s books to correct the error. What would retained earnings be on December 31, 2019 after the error had been cor rected? Explain why the error is corrected in this way.