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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 Accounts payable Kendra, Capital Cogley, Capital Mei, Capital Assets $ 70,900 549,600 $246,000 74,900 168,525 Cash Inventory 131,075 $620,500 $620,500 Total liabilities and equity 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 $607,200. (2) Inventory is sold for $466,800. (3) Inventory is sold for $315,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $251,400 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 1 GJ Required 2 GJ Required 3 GJ Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory $251,400 and the partners have no assets other than those invested in the partnership. Step 1) Determination of gain (loss) $ 251,400 Proceeds from the sale of inventory Inventory Cost 549,600 $ (298,200) Loss on sale Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY MEI Total $ 168,525 $ 131,075 $ 374,500 Initial capital balances 74,900 Allocation of gains (losses) 374,500 Capital balances after gains (losses) 74,900 168,525 131,075 Allocation of deficit balance $ 168,525 $ 374,500 $ 131,075 74,900 Capital balances after deficit allocation %24 Journal entry worksheet 2 3 4 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. Note: Enter debits before credits. Transaction General Journal Debit Credit (b-2) Record entry View general journal Clear entry Journal entry worksheet 4 Record the disbursement of the remaining cash to the partner(s). Note: Enter debits before credits. Transaction General Journal Debit Credit (d) Record entry View general journal Clear entry LO