20 points Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $180,800 Accounts payable $245,500 Inventory 537,200 Kendra, Capital 93,000 Cogley, Capital 212,500 Mei, Capital 167,000 Total assets $718,000 Total liabilities and equity $718,000 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. Amounts to ve deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) Inventory is sold for $600,000 2. Inventory is sold for $500,000. 3. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits. 1. Inventory is sold for $250,000 and the partners have no assets other than those invested in the partnership Answer is not complete. on hy antarins vour answers in the tabs below. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 16) Required 2 Required 3 Required 2G) Required 4 Inventory Inventory Required 3 J Inventory Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory $250,000 and the partners have no assets oth invested in the partnership. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 250,000 Inventory cost 537,200 1/ 6 (287,200) Step 2) Allocation of the Gain (Loss) to the Partners and Distribution of deficit(s) KENDRA COGLEY Initial capital balances $ 93,000 $ 212,500 37 21 Allocation of gains (losses) (143,600) (95,733) Capital balances after gains (losses) (50,600) 116,767 27 Allocation of deficit balance 50,600 3 33.733 $ 0 Capital balances after deficit allocation $ 150,500 6 MEI Total $ 167,000 $ 472,500 (47,867) (287,200) 119,133 185,300 16,867 101,200 $ 136,000 $ 286,500 1/ 3 No Debit Credit repare journal entries to record the inventory is sold for $250,000 and the partners have no assets other than those inves the partnership Transaction General Journal (a) 250,000 287,200 Inventory ts Cash Loss on sale of inventory BIO 537,200 (b-1) Cogley, Capital Kendra, Capital Mei, Capital Loss on sale of inventory OOO 95,733 143,600 47.867 287,200 50,600 (b-2) Cash Kendra, Capital 50,600 X 245,500 . (c) Accounts payable Cash 245,500 (d) Kendra, Capital Mel, Capital Cogley, Capital Cash Required 4 Inventory 20 points Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $180,800 Accounts payable $245,500 Inventory 537,200 Kendra, Capital 93,000 Cogley, Capital 212,500 Mei, Capital 167,000 Total assets $718,000 Total liabilities and equity $718,000 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. Amounts to ve deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) Inventory is sold for $600,000 2. Inventory is sold for $500,000. 3. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits. 1. Inventory is sold for $250,000 and the partners have no assets other than those invested in the partnership Answer is not complete. on hy antarins vour answers in the tabs below. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 16) Required 2 Required 3 Required 2G) Required 4 Inventory Inventory Required 3 J Inventory Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory $250,000 and the partners have no assets oth invested in the partnership. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 250,000 Inventory cost 537,200 1/ 6 (287,200) Step 2) Allocation of the Gain (Loss) to the Partners and Distribution of deficit(s) KENDRA COGLEY Initial capital balances $ 93,000 $ 212,500 37 21 Allocation of gains (losses) (143,600) (95,733) Capital balances after gains (losses) (50,600) 116,767 27 Allocation of deficit balance 50,600 3 33.733 $ 0 Capital balances after deficit allocation $ 150,500 6 MEI Total $ 167,000 $ 472,500 (47,867) (287,200) 119,133 185,300 16,867 101,200 $ 136,000 $ 286,500 1/ 3 No Debit Credit repare journal entries to record the inventory is sold for $250,000 and the partners have no assets other than those inves the partnership Transaction General Journal (a) 250,000 287,200 Inventory ts Cash Loss on sale of inventory BIO 537,200 (b-1) Cogley, Capital Kendra, Capital Mei, Capital Loss on sale of inventory OOO 95,733 143,600 47.867 287,200 50,600 (b-2) Cash Kendra, Capital 50,600 X 245,500 . (c) Accounts payable Cash 245,500 (d) Kendra, Capital Mel, Capital Cogley, Capital Cash Required 4 Inventory