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Tyler Gilligan and Matt Melnyk, two college friends, decided to set up a snow removal business called Wildhorse Snow Removal Services. At the inception of the partnership, Tyler invested $4,000 cash and Matt invested $11,000 cash. Once formed, the partnership purchased equipment and a vehicle. Tyler estimates that the equipment purchased for $2,000 and the vehicle purchased for $10,000 have five-year useful lives, with no residual value. He used the straight-line method to calculate depreciation expense. At the end of the first year of business, Tyler, who was studying accounting, provided the following information: WILDHORSE SNOW REMOVAL SERVICES Income Statement Year ended December 31, 2021 Service revenue $49,650 Expenses Supplies expense $5,710 Depreciation expense 2,400 Salaries expense 28,660 36,770 Profit $12,880 Additional information: 1. Salaries expense is $18,310 and $10,350 cash that was paid to Tyler and Matt, respectively, during the year. 2. All revenues were collected in cash. 3. All supplies were paid for in cash. At the end of the year, there were no supplies on hand. 4. There is $18,280 in the bank account at December 31, 2021. Prepare a journal entry to correct the errors, if any, on the income statement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 (To correct error.) e Textbook and Media Calculate the correct profit and the amount to be allocated to each partner. Correct profit $ T. Gilligan M. Melnyk Allocation of profit $ $ Prepare a journal entry to correct the errors, if any, on the income statement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 T. Gilligan, Drawings T. Gilligan, Capital Salaries Expense M. Melnyk, Drawings Service Revenue e Textbook and Media Calculate the correct profit and the amount to be allocated to each partner. Correct profit $ T. Gilligan M. Melnyk Allocation of profit $ Prepare a statement of partners' equity for the year ended December 31, 2021. (List items that increase partner's equity first.) WILDHORSE SNOW REMOVAL SERVICES Statement of Partners' Equity T. Gilligan M. Melnyk Total $ $ $ $ $ e Textbook and Media Prepare a balance sheet at December 31, 2021. (List Current Assets in order of liquidity.) WILDHORSE SNOW REMOVAL SERVICES Balance Sheet Assets $ Partners' Equity VA