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Premier Bank and Trust is considering giving Splish Brothers Company a loan. Before doing so, they decide that further discussions with Splish Brothers's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $306,440. Discussions with the accountant reveal the following. 1. Splish Brothers received goods costing $46,060 on January 2 that were shipped FOB destination on December 29 . The shipment was a rush order that was supposed to arrive December 31 . This purchase was included in the ending inventory of $306,440. 2. Splish Brothers sold goods costing $38,540 to Cusa Company. FOB shipping point, on December 28 for $61,100, The goods are not expected to arrive at Cusa until Jaruary 12. The goods were not included in the physical inventory because they were not in the warchouse. 3. The physical count of the inventory did not include goods costing $83,660 that were shipped to Splish Brothers FOB destination on December 27 and were still in transit at year-end. 4. Splish Brothers received goods costing $25,380 on January 2. The goods were shipped FOB shipping point on December 26 by Noble Co. The goods were not included in the physical count. 5. Splish Brothers sold, for $51,700 goods costing $35,720 to Limerick Co. FOB destination, on December 30 . The goods were received at Limerick on January 8 . They were not included in Spilish Brothers's physical inventory. What correcting entry would have to be made for item 4? (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)