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Record below journal entry:

1. Record the sale of inventory.

2. Allocate the gain(loss) on the sale of inventory to the partners.

3. Record the payment of the liabilities.

4. Record the disbursement of the remaining cash to the partners.

Record below journal entry:

1. Record the sale of inventory.

2. Allocate the gain(loss) on the sale of inventory to the partners.

3. Record the payment of the liabilities.

4. Record the disbursement of the remaining cash to the partners.

Record below journal entry:

1. Record the sale of inventory.

2. Allocate the gain(loss) on the sale of inventory to the partners.

3. The partner(s) with deficit balances repay the amount of their deficit(s).

4. Record the payment of the liabilities.

5. Record the disbursement of the remaining cash to the partners.

Record below journal entry:

1. Record the sale of inventory for $249,000.

2. Record the allocation of the gain or loss on the sale of inventory to the partners.

3. Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners.

4. Record the payment of the liabilities.

5. Record the disbursement of the remaining cash to the partner(s).

Problem 12-6A Liquidation of a partnership LO P5 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 Liabilities and Equity Assets Cash $ 91,900 Accounts payable 543,600 Kendra, Capital Cogley, Capital Mei, Capital $250,500 77,000 173,250 134,75e Inventory $635,500 Total liabilities and equity $635,500 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. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $616,800 (2) Inventory is sold for $466,200 (3) Inventory is sold for $331,200 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $249,000 and the partners have no assets other than those invested in the partnership. Required 3 InventoryRequired 3 GJ eqired 4 Required 1 Required 4 GJ Required 2 GJ Inventory Required 1GJ Required 2 Inventory Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $616,800 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory S 616,800 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners Total MEI COGLEY KENDRA Initial capital balances S 77,000 S 173,250 $ 134,750$ 385,000 Allocation of gains (losses) S 77,000 $ 173,250 $ 134,750$ 385,000 Capital balances after gains (losses)