Chec 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. Assets Cash Inventory $243,500 $ 59,300 556,200 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 74,400 167,400 130,200 $615,500 Total assets $ 615,500 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 $606,600. 2. Inventory is sold for $463,200. 3. Inventory is sold for $316,800 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 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 $606,600