How do you solve the allocation of deficit balance?

Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3.2:1 ratio (in ratio form: Kendra, 3/6: Cogley, 2/6; and Mel, 16). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Asseta Liabilities Cash $ 59,000 Accounts payable $ 243,500 Inventory 555,000 Equity Xendra, Capital 74,100 Cogley, Capital 166,725 Mei, Capital 129.675 Total assets $ 614,000 Total liabilities and equity $ 614,000 Required: For each of the following scenarios, complete the schedule allocating the goin 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, os negative amounts.) 1. Inventory is sold for $600,600. 2. Inventory is sold for $433,200 3. Inventory is sold for $342,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $286,200 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 2Q Required 3 Required 1 Required 1 Required 2 Required 4 Required 3 G) Inventory Inventory Required 4 G) Inventory Inventory Complete the schedule allocating the gain or loss on the sale of Inventory $286,200 and partners with deficits do not pay their deficits. Step 1) Determination of gain (los) Proceeds from the sale of inventory $ 286,200 Inventory cout 555,000 Gain on sale $ 268,000 Step 7) Allocation of the gain (los) to the partners and distribution of deficis KENDRA COGLEY MEI Total Initial capital balances $ 74,100 $ 166,725 $ 129,675 $ 370,500 Allocation of gains (losos) 3/6 134,4001 276 89,6001 176 44,800 268,800 Capital balances after gains (losses) 208,500 250,325 174 475 639 300 Allocation of doficit balance 2/3 1/3 0 Capital balances after deficit allocation $ 208,500 $ 256,325 $ 174,475 $ 639,300