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	$	81,100		Accounts payable	$	250,000
Inventory		539,400		Kendra, Capital		74,100
				Cogley, Capital		166,725
				Mei, Capital		129,675
Total assets	$	620,500		Total liabilities and equity	$	620,500

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 $628,800. (2) Inventory is sold for $479,400. (3) Inventory is sold for $350,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $253,200 and the partners have no assets other than those invested in the partnership.

Required 2 Inventory Required 3 Inventory Required 4 Inventory Required 1 equired 1 GJ Required 2 G) equired 3 GJ Required 4 G Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $628,800 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 628,800 Step 2) Allocation of the Gain (Loss) to the Partners KENDRA COGLEY MEI Total Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 74,100 S 166,725 $ 129,675 $370,500