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 Liabilities and Equity Assets Cash Inventory $248,000 75,400 169,650 131,950 Total assets $625,000 Total liabilities and equity$625,800 $ 83,800 Accounts payable 541,200 Kendra, Capital Cogley, Capital Mei, Capital Requirec 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 Intermedlete calculatlons. 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 $626,400 (2) Inventory is sold for $476,400 (3) Inventory is sold for $318,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $243,000 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below InventoryRequired 1 GJRequired 2 Complete the schedule allocating the gain or loss on the sale of inventory is $626,400 Inventory Reqe3 Required 4 Inventory Required1 Inventory Required 2 G Required 3 Required 4 GJ