6 2.5 Problem 12-6A (Algo) Liquidation of a partnership LO PS Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows Inventory 72,200 553,000 Balance bees Accounts payable Liabilities 241,000 Equity Kendra, Capital 17,000 Cogley, Capital 173,250 Mi Capital 1626,000 Total liabilities and equity 134,750 626,000 Total 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 $608,400. 2. Inventory is sold for $467,400. Inventory is sold for $241,800 and partners with deficits do not pay their deficits. 3. Inventory is sold for $358.800 and partners with deficits pay their deficits in cash 4. Complete this question by entering your answers in the tabs below. Check my work