KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 72,800 Accounts payable $241, 000 Inventory 547, 200 Kendra, Capital 75, 800 Cogley, Capital 170,550 Mei, Capital 132, 650 Total assets $620, 000 Total liabilities and equity $620, 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. 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 $604,200. (2) Inventory is sold for $478,200. (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 $284,400 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 1 Required 1 GJ Required 2 Required 3 Required 3 GJ Required 4 Inventory Required 2 GJ Inventory Inventory Required 4 GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory $284,400 and the partners have no assets other than those invested in the partnership. Step 1) Determination of gain (loss) Proceeds from the sale of inventory $ 284,400 Inventory Cost Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY MEI Total Initial capital balances $ 75,800 $ 170,550 $ 132,650 $ 379,000 Allocation of gains (losses) Capital balances after gains (losses) 15,800 170,550 132,650 379,000 Allocation of deficit balance Capital balances after deficit allocation $ 75,800 $ 170,550 $ 132,650 $ 379,000