Check my work Kendra, Cogley, and Mel share income and loss in a 321 ratio in ratio form: Kendra, 3/6: Cogley 2/6, and Mei, 16). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory 5245,500 $180,800 537,200 Balance Sheet Liabilities Accounts payable Tauty Kendra, Capital Copley, Capital Mel. Capital Total liabilities and equity 91.00 167.00 $718,000 Total assets $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. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $600.000 2. Inventory is sold for $500,000 3. Inventory is sold for $320.000 and partners with deficits pay their deficits in cash 4. Inventory is sold for $250.000 and partners with deficits do not pay their deficits Complete this question by entering your answers in the tabs below