Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra,...

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Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Cash Inventory $ 86,200 550,800 Accounts payable $ 248,000 Equity Kendra, Capital Cogley, Capital Mei, Capital 77,800 175,050 Total assets 136,150 $ 637,000 Total liabilities and equity $ 637,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts. 1. Inventory is sold for $628,200. 2. Inventory is sold for $451,800. 3. Inventory is sold for $316,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $271,200 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $628,200. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 628,200 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total $ 77,800 $ 175,050 $ 136,150 $ 389,000 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) < Required 1 Inventory Required 1 GJ > Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Cash Inventory $ 86,200 550,800 Accounts payable $ 248,000 Equity Kendra, Capital Cogley, Capital Mei, Capital 77,800 175,050 Total assets 136,150 $ 637,000 Total liabilities and equity $ 637,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts. 1. Inventory is sold for $628,200. 2. Inventory is sold for $451,800. 3. Inventory is sold for $316,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $271,200 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $628,200. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 628,200 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total $ 77,800 $ 175,050 $ 136,150 $ 389,000 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) < Required 1 Inventory Required 1 GJ >