Current Attempt in Progress The accountant for Meilleur Merchants Inc. is completing the last few adjusting journal entries for the fiscal year ended December 31, 2021. Some items remain outstanding and a few calculations need to be made before the financial statements can be prepared. Meilleur Merchants prepares an all-inclusive statement of comprehensive income. The following is a partial list of the general ledger account balances. Cash Dividends - Preferred $2.100 Interest expense 2.190 Cost of goods sold 234,500 Retained earnings Jan. 1 205,000 Cash Dividends - Common 4,500 Rent revenue 1,600 Sales 394,200 Interest revenue 940 Operating expenses 58,470 Additional information: 1. Meilleur's income tax rate is 30%. 2. During the year, Meilleur disposed of its financing division, which was not worth continuing. Prior to the sale, the division operated at a loss before tax of $13,000. The loss on the sale of the division was $23,000 before taxes. Meilleur's accountant found an error in the amount used to record salaries expense for the year ending December 31, 2020. The expense had been overstated by $4,600. 3. (b) Your answer is partially correct. Prepare an adjusting journal entry for the correction of 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Salaries Payable 4600 Retained Earnings 4600 Income Taxes Payable 0 0