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. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity Accounts payable 547,200 Kendra, Capital Cogley, Capital Mei, Capital $614,500 Total liabilities and equity $ 242,500 74,400 167,400 130, 200 $614,500 Total assets 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 $606,600. (2) Inventory is sold for $439,800. (3) Inventory is sold for $305,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $294,000 and the partners have no assets other than those invested in the partnership. Complete the schedule allocating the gain or loss on the sale of inventory is $606,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 606,600 Inventory cost Gain on sale Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 74,400 Allocation of gains (losses) Capital balances after gains (losses) $ 74,400 COGLEY $ 167,400 MEI 130,200 Total 372,000 $ $ $ 167,400 $ 130,200 $ 372,000 Journal entry worksheet