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
Assets				Liabilities and Equity
Cash	$	79,700		Accounts payable	$	254,000
Inventory		556,800		Kendra, Capital		76,500
				Cogley, Capital		172,125
				Mei, Capital		133,875
Total assets	$	636,500		Total liabilities and equity	$	636,500

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 $628,200. (2) Inventory is sold for $454,800. (3) Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $277,800 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 Inventory
• Required 1 GJ
• Required 2 Inventory
• Required 2 GJ
• Required 3 Inventory
• Required 3 GJ
• Required 4 Inventory
• Required 4 GJ