12-6A (Algo) Liquidation of a partnership LO P5 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). TH decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory Balance Sheet Liabilities $ 255,500 Equity $ 99,800 Accounts payable 541,200 Kendra, Capital Cogley, Capital Mei, Capital 77,100 173,475 134,925 $ 641,000 Total assets Required: $ 641,000 Total liabilities and equity For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare ja to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as m amounts.) 1. Inventory is sold for $603,600. 2. Inventory is sold for $468,000. 3. Inventory is sold for $310,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $246,000 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 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 $603,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost Loss on sale $ 603,600 544,200 $ 94,800 Prev