prepare a journey entry to correct errors if any, on the income statement. calculate the correct profit and the amount to allocate each partner.

courses./44586/assignments/4901156 live news Online Job Applic. Hemchandracharya. http://www.ideacel... New Tab New Tab Merit List http://www.ngu.aci... Tyler Gilligan and Matt Melnyk, two college friends, decided to set up a snow removal business called Sheridan 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: SHERIDAN SNOW REMOVAL SERVICES Income Statement Year ended December 31, 2021 Service revenue $50,420 Expenses Supplies expense $5,280 Depreciation expense 2.400 Salaries expense 29,250 36,930 Profit $13.490 Additional information: 1. Salaries expense is $19.000 and 510,250 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 $18.890 in the bank account at December 31, 2021. courses./44586/assignments/4901156 live news Online Job Applic. Hemchandracharya. http://www.ideacel... New Tab New Tab Merit List http://www.ngu.aci... Tyler Gilligan and Matt Melnyk, two college friends, decided to set up a snow removal business called Sheridan 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: SHERIDAN SNOW REMOVAL SERVICES Income Statement Year ended December 31, 2021 Service revenue $50,420 Expenses Supplies expense $5,280 Depreciation expense 2.400 Salaries expense 29,250 36,930 Profit $13.490 Additional information: 1. Salaries expense is $19.000 and 510,250 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 $18.890 in the bank account at December 31, 2021