The partnership of Lau & Min started the fiscal year on January 1, 2022 with capital balances as follows: L. Lau $39.600 and M. Min $37,100. 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 $48.000. The poor results of the year are due to the recording of a loss from a lawsuit during the year. By the end of May, 2022, the partners determined that available cash in the business would be small, so they stopped withdrawing funds. As of May 31, 2022. L. Lau had withdrawn $6.300 and M. Min had withdrawn $8,300. 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 $26.000 cash into the partnership The partnership agreement of Lau & Min provides for the division of any profit or loss using the following formula: Asalary allowance of $24.800 to Lau and $26,900 to Min. An interest allowance of 5% on capital balances at the beginning of the year. 3. The remainder to be divided between Lau & Min on a 3:2 basis. 1. 2. Prepare a summary entry for the withdrawals taken by the partners to May 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 2022 Summary Prepare the entry on October 15, 2022 to record the additional investments by the partners. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Oct. 15, 2022 Prepare a schedule to show how the profit or loss will be allocated to the two partners. LAU & MIN Division of Loss Year Ended December 31, 2022 L. Lau M. Min $ Loss $ Salary allowance L. Lau M. Min Total Deficiency remaining for allocation Interest allowance L. Lau M. Min Total Deficiency remaining for allocation Fixed ratio L. Lau M. Min Total Loss remaining for allocation Loss allocated to the partners $ $ S Prepare a statement of partners' equity for the year. (List items that increase partner's equity first.) LAU & MIN Statement of Partners' Equity Year Ended December 31, 2022 L. Lau M. Min $