Tyler Wilson and Matt Taylor, two college friends, decided to set up a snow removal business called Sheridan Snow Removal Services. At the inception of the partnership, Tyler invested $3,680 cash and Matt invested $10,120 cash. Once formed, early in January the partnership purchased equipment and a vehicle. Tyler estimates that the equipment purchased for $1,840 and the vehicle purchased for $9,200 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, 2024 Service revenue $46,000 Expenses Supplies expense $5,520 Depreciation expense 2,208 Salaries expense 27,600 35,328 Profit for the year $10,672 Additional information: 1. Salaries expense is $18,400 and $9,200 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 $15,640 in the bank account at December 31, 2024. (a) 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. 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.) Date Account Titles Dec. 31 Debit Credit