This is a really long accounting exercise. It would be great if you could not only put the answers, but put them with a little background so I can learn how it is done and do it alone next time. Thank you in advance.

Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 376; 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 $ 97,680 Accounts payable $254,500 Inventory 542,480 Equity Kendra, Capital 77,100 Cogley, Capital 173,475 Mei, Capital 134,925 Total assets $640,000 Total liabilities and equity $649,800 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. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $627.000. 2. Inventory is sold for $421.800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 4 G] Required 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G) Complete the schedule allocating the gain or loss on the sale of inventory is $627,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory S 627,000 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. 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. (Do not round Intermediate calculations. Enter losses and partner deficits, If any, es negative amounts.) 1. Inventory is sold for $627.000. 2. Inventory is sold for $421.800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 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 2G] Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $627,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory 627,000 Inventory cost S Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances S 77.100 Allocation of gains (losses) Capital balances after gains (losses) COGLEY S 173,475 MEI 134,925 Total 385,500 S S 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. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, es negative amounts.) 1. Inventory is sold for $627,000. 2. Inventory is sold for $421,800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 3 G Required 1 Required 1 ] Required 2 Required 2 GJ Required 3 Inventory Inventory Inventory Prepare journal entries to record the inventory is sold for $627,000. Required 4 Inventory Required 4G] View transaction list X 1 Record the sale of inventory. 2 Allocate the gain(loss) on the sale of inventory to the partners. 3 Record the payment of the liabilities. 4 Record the disbursement of the remaining cash to the partners. Credit 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. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $627,000. 2. Inventory is sold for $421.800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required Required 1 6. Recuired 2 Required 2 GJ Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $421,800. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory 421,800 Inventory cost S MEI Total Step 2) Allocation of the gain (Loss) to the Partners. KENDRA Initial capital balances S 77.100 Allocation of gains (losses) Capital balances after gains (losses) COGLEY S 173,475 S 134.925 S 385,500 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. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $627.000. 2. Inventory is sold for $421.800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 4G] Required 1 Required 1 ] Required 2 Required 2G Required 3 Required 3 J Inventory Inventory Inventory Prepare journal entries to record the inventory is sold for $421,800. View transaction list x 1 Record the sale of inventory. > 2 Allocate the gain(loss) on the sale of inventory to the partners. Record the payment of the liabilities. 4 Record the disbursement of the remaining cash to the partners. Credit 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. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $627.000. 2. Inventory is sold for $421.800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 1 G) Required 2 Required 3 Required 2G) Required 4 Required 4 G) Inventory Required 3 G) Inventory Inventory Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $317,400 and partners with deficits pay their deficits in cash. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory s 317,400 Inventory cost MEI Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances S 77,100 Allocation of gains (losses) Capital balances after gains (losses) COGLEY S 173,475 Total $385,500 S 134.925 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. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $627.000. 2. Inventory is sold for $421.800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Inventory Required 1 Required 1 6. Required 2 Required 2 G Required 3 Inventory Required 4 Required 3 63 Inventory Required 4 G) Inventory Prepare journal entries to record the inventory is sold for $317,400 and partners with deficits pay their deficits in cash. View transaction list X 1 Record the sale of inventory. > 2 Allocate the gain(loss) on the sale of inventory to the partners. 3 The partner(s) with deficit balances repay the amount of their deficit (s). 4 Record the payment of liabilities. Credit 5 Record the distribution of the remaining cash to the partners. 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. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $627,000. 2. Inventory is sold for $421,800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 7 Required 1 6 Required 2 Required 2 G Required 3 Required 3 GJ Required 4 Inventory Required 4 G Complete the schedule allocating the gain or loss on the sale of inventory $264,500 and partners with deficits do not pay their deficits. Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory cost $ 284,600 MEI Total $385,500 S 134.925 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY Initial capital balances S 77.100 S 173,475 Allocation of gains (losses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after deficit allocation to record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, es negative amounts.) 1. Inventory is sold for $627,000. 2. Inventory is sold for $421.800. 3. Inventory is sold for $317.400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $264.600 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 16 Required 4 Required 3 Inventory Inventory Required 2G) Inventory Required 3 63 Inventory Required 4G] Prepare journal entries to record the inventory is sold for $264,500 and partners with deficits do not pay their deficits. View transaction list X 1 Record the sale of inventory for $254,500. 2 Record the allocation of the gain or loss on the sale of inventory to the partners. 3 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. Credit 4 Record the payment of liabilities. 5 Record the disbursement of the remaining cash to the partner(s)