12-6A (Algo) Liquidation of a partnership LO PS Kendra Cogley and Me share income and loss in a 321ation to form Kendra 3: Copy 2 and M 1 The peters have decided to guidate their partnership. On the day of dation, their balance sheet appes as folo For each of the flowing scenarios complete the schedule allocating the gain or less on the sale of invertory Phegane journal econd the below transactions (De not round intermediate calculations Enter losses parer defis, if any age ventory is sod for $600.000 3. Inventory is sold for $438.600 Inventory is sold for $240.000 and pens with deficits not py hana y ended pran praty Complete this question by entering your answers in the tabs below. Required Inventory ventory 2 Inventory Required 3G Required Inventory Required 43 Complete the schedule allocating the gain or loss on the sale of inventory is $60,000 Step 1) Determination of Gain Loss Proceeds from the sale of entry $ 60.000 Inventory cost 2) Aication of the Gain (Loss) to the Partners ocation of gains Do View transaction KENDRA 7,100 COOLEY $ 171.225 MEL Total S 131175 S 380.000 76.100 $171.225 $133.175381.500 Required 10J > Journal entry worksheet < 1 2 3 Record the sale of inventory. Transaction (a) General Journal Debi Credit View general journal Recordantry Clear entry < 1 2 3 Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter tits before cred Transaction General Ja Debit Chill Recor Cleary Journal entry wurnaces < 2 Required 1 Inventory Required 2 Inventory > Record the payment of the labdities Transaction 10 General Joumat Debit Cred Cleary Journal entry worksheet 3 Racord the disbursement of the remaining cash to the partners. Inter barsatio General al Delit Credit Cl Complate this question by entering your answers in the tablew Complete the schedule acting the game on the sale of inventory is $430,000 st ENDRA COOLEY T 13017300 1337 300 500 Journal entry worksheet General Clear unity Journal entry worksheet Allocate the gain(loss) on the sale of inventory to the partners General Journal Debe Cre Journal enu Cleartr View general journal < 1 2 3 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits Transaction (4) General Journal Debit Credit Record entry Clear entry View general journal 1:53 Expert Q&A Done Journal entry worksheet Journal entry worksheet Journal entry worksheet Journal entry worksheet Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balences to the remaining partners Note: Enter debts before crets Traian 10-2) Record entry General Journal Debit Cret Clear entry View general journal Journal entry worksheet 2 4 Record the payment of liabilities. Ne Enter debitsbere Transaction (c) General Journal Detult Credit View general journal Record entry Clear entry Journal entry worksheet 5 Record the disbursement of the remaining cash to the partner(s). Enter debts before s Transaction 100 General Journal Deli Cret Clear entry View general journal