1 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. 30 points Assets Cash Inventory $ 241,000 $ 86,400 543,600 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 77,800 175,050 136,150 $630,000 Total assets $630,000 eBook Print 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.) References 1. Inventory is sold for $600,600. 2. Inventory is sold for $462,000. 3. Inventory is sold for $309,600 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $298,800 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 G Required 2 Inventory Required 2G) Required 3 Inventory Required 3 G Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $600,600. 57,000 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 600,600 Inventory cost 543,600 Gain on sale $ Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 77,800 Allocation of gains (losses) Capital balances after gains (losses) $ 77,800 MEI COGLEY $ 175,050 Total 389,000 $ 136,150 $ 0 $ 175,050 $ 136,150 $ 389,000 1 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. 30 points Assets Cash Inventory $241,000 $ 86,400 543,600 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 77,800 175,050 136,150 $630,000 Total assets $630,000 eBook Print 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.) References 1. Inventory is sold for $600,600. 2. Inventory is sold for $462,000. 3. Inventory is sold for $309,600 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $298,800 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 G Required 2 Inventory Required 2 G 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 $462,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 462,000 Step 2) Allocation of the gain (Loss) to the Partners. KENDRA Initial capital balances $ 77,800 Allocation of gains (losses) Capital balances after gains (losses) 77,800 COGLEY $ 175,050 $ MEI Total 136,150 $ 389,000 0 136,150 $ 389,000 $ 175,050 $ 1 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. 30 points Assets Cash Inventory $241,000 $ 86,400 543,600 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 77,800 175,050 136,150 $630,000 Total assets $630,000 eBook Print 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.) References 1. Inventory is sold for $600,600. 2. Inventory is sold for $462,000. 3. Inventory is sold for $309,600 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $298,800 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 G] Required 2 Inventory Required 2 G 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 $309,600 and partners with deficits pay their deficits in cash. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 309,600 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 77,800 Allocation of gains (losses) Capital balances after gains (losses) 77,800 COGLEY $ 175.050 MEI 136,150 $ $ Total 389,000 0 $ 175,050 $ 136,150 $ 389,000 Chapter 12 Homework-Part II i Saved 1 Assets Cash Inventory $241,000 $ 86,400 543,600 Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 77,800 175,050 136,150 $630,000 30 points Total assets $630,000 eBook 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.) Print 1. Inventory is sold for $600,600. 2. Inventory is sold for $462,000. 3. Inventory is sold for $309,600 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $298,800 and partners with deficits do not pay their deficits. References Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 GJI Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory $298,800 and partners with deficits do not pay their deficits. Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory cost $ 298,800 Total Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY Initial capital balances $ 77,800 $ 175,050 Allocation of gains (losses) Capital balances after gains (losses) 77,800 175.050 Allocation of deficit balance Capital balances after deficit allocation $ 77,800 $ 175,050 MEI $ 136,150 $ 389,000 0 136,150 389,000 $ 136,150 $ 389,000