ances Mr 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. Balance Sheet Assets Liabilities Cash Inventory $83,000 Accounts payable $ 255,500 552,000 Equity Kendra, Capital 75,900 Cogley, Capital Mei, Capital 170,775 5635,000 Total liabilities and equity 132,825 $635,000 Total assets 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 $630,000. 2. Inventory is sold for $434,400, 3. Inventory is sold for $312,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $256,800 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 GJ Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4G) Complete the schedule allocating the gain or loss on the sale of inventory is $630,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 630,000 Check my work