Travis McAllister operates a surveying company. For the first few months of the company's life (through April) the accounting records were maintained by an outside bookkeeping service. According to those records McAllister's equity balance was $75,000 as of April 30. To save on expenses. McAllister decided to keep the records himself. He managed to record May's transactions properly, but was a bit rusty when the time came to prepare the financial statements. His first versions of the balance sheet and income statement follow. McAllister is both ered that the company apparently operated at a loss during the month, even though he was very busy. McAllister Surveying Income Statement For Month Ended May 31, 2020 ANAL Cash Accounts receivable... Prepaid insurance. Prepaid rent. Office supplies Buildings. Land. Salaries expense. Total assets. Revenue Investments by owner Unearned surveying fees. Total revenues. Operating expenses: Rent expense. Telephone expense. $ 3.000 6,000 $ 9,000 $3,100 600 Surveying equipment 5,400 Advertising expense. 3,200 Utilities expense... 300 Insurance expense. 900 Withdrawals by owner. 6,000 Total operating expenses. Profit (loss) 19.500 $(10,500) McAllister Surveying Balance Sheet May 31, 2020 Assets $ 3,900 2,700 Accounts payable. Surveying fees earned. Liabilities $ 2,400 1,800 4,200 Short-term notes payable... Total liabilities 18,000 48,000 $ 68,400 300 81,000 Equity 36,000 Travis McAllister, capital. 64,500 3,000 $132,900 Total liabilities and equity. $132,900 Required Using the information contained in the original financial statements, prepare corrected statements including a statement of changes in equity, for the month of May. Analysis Component: The owner, Travis McAllister, made a withdrawal during May. Withdrawals cause equity to decrease. Why would the owner intentionally cause equity to decrease by making a withdrawal? 150