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 $ 90,800 Accounts payable $ 257,500 Inventory 538,200 Kendra, Capital 74,300 Cogley, Capital 167,175 Mei, Capital 130,025 Total assets $ 629,000 Total liabilities and equity $ 629,000 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 $600,600. (2) Inventory is sold for $426,600. (3) Inventory is sold for $345,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $240,600 and the partners have no assets other than those invested in the partnership. a.Complete the schedule allocating the gain or loss on the sale of inventory is $600,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $600,600 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total Initial capital balances $74,300 $167,175 $130,025 $371,500 Allocation of gains (losses) Capital balances after gains (losses)