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Please complete in the fields provided. Also include any calculations. Thank you in advance. The partnership of Lau & Minstarted the fiscal year on January

Please complete in the fields provided. Also include any calculations. Thank you in advance. image text in transcribed
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The partnership of Lau \& Minstarted the fiscal year on January 1, 2022 with capital balances as follows: L. Lau $35,700 and M. Min $33,500. Lau \& Min had a very disappointing fiscal year ended December 31, 2022. Before closing the Income Summary and Drawings accounts, the balance in the Income Summary account was a debit of $44,000. The poor results of the year are due to the recording of a loss from a lawsult during the year. By the end of May, 2022, the partners determined that wailable cash in the business would be small, so they stopped withdrawing funds. As of May 31,2022. L. Lau had withdrawn $6,400 and M. Min had withdrawn $8,400. No other withdrawals were made for the remainder of the year. Once the judgement against the partnership was issued, additional cash had to be invested to make a payment on the settlement. On October 15.2022, Lau and Min each invested $21,000 cash into the partnership. The partnership agreement of Lau \& Min provides for the division of any profit or loss using the following formula: 1. A salary allowance of $20,600 to Lauand $22,900 to Min. 2. An interest allowance of 5% on capital balances at the bepinning of the year. 3. The remainder to be divided between Lau \& Main on a 3.2 basis. (a) Prepare a summary entry for the withdrwals taken by the pir thers ko May 31.2022 (Crafit dccount vitis are outomotically indented when the anourt is entered Do notindent manwilyd

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