Problem $12-6$A $($Algo$)$ Liquidation of a partnership LO P$5$

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.

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.

Inventory is sold for $$627,000.$

Inventory is sold for $$468,000.$

Inventory is sold for $$302,400$ and partners with deficits pay their deficits in cash.

Inventory is sold for $$246,600$ and partners with deficits do not pay their deficits.

Complete this question by entering your answers in the tabs below.

Complete the schedule allocating the gain or loss on the sale of inventory is $$627,000.$