Kendra, Cogley, and Mei share Income and loss in a 3.2.1 ratio (in ratio form: Kendra, 3/6, Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows Balance Sheet Assets Liabilities Cash Inventory $ 85,000 Accounts payable $258,000 549,000 Equity Kendra, Capital Cogley, Capital Mel, Capital 75,200, 169,200 131,600 Total assets $634,000 Total liabilities and equity $ 634,000 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. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $618,600 2. Inventory is sold for $447,600. 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits 1. Inventory is sold for $618,600. 2. Inventory is sold for $447,600. 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. 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 Complete the schedule allocating the gain or loss on the sale of inventory is $618,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 618,600 Inventory cost (549,000) Gain on sale $ 69,600 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Initial capital balances $ 75,200 $ 169,200 $ Total 131,600 $376,000 Allocation of gains (losses) 3/10 0 Capital balances after gains (losses) $ 75,200 $ 169,200 S 131,600 $376,000 Required 1 Inventory Required 1 GJ > egativ 1. Inventory is sold for $618,600. 2. Inventory is sold for $447,600. 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. 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 Prepare journal entries to record the inventory is sold for $618,600. View transaction list Journal entry worksheet < 1 2 3 4 Record the sale of inventory. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit Saved Kequirea: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Pre to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if a amounts.) 1. Inventory is sold for $618,600. 2. Inventory is sold for $447,600. 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. 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 G) Complete the schedule allocating the gain or loss on the sale of inventory is $447,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory ces Inventory cost $ 447,600 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY Total Initial capital balances $ 75,200 $ 169,200 131,600 $376,000 Allocation of gains (losses) 0 Capital balances after gains (losses) $ 75,200 $ 169,200 $ 131,600 $376,000 4 Book Ask Print D rences 2. Inventory is sold for $44/600 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. 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 Re Prepare journal entries to record the inventory is sold for $447,600. View transaction list Journal entry worksheet < 2 3 4. Record the sale of inventory. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit 1. Inventory is sold for $618,600. 2. Inventory is sold for $447,600. 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 1 GJ Inventory Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $354,000 and partners with deficits pay the Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 354,000 Inventory cost ences Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY Total Initial capital balances 75,200 $ 169,200 $ 131,600 $376,000 Allocation of gains (losses) 0 Capital balances after gains (losses) $ 75,200 169,200 $ 131,600 $ 376,000 < Required 2 GJ Required 3 GJ > ok ces 2. Inventory is sold for $44/600. 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. 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 G Prepare journal entries to record the inventory is sold for $354,000 and partners with deficits pay their deficits in View transaction list Journal entry worksheet < 1 2 3 4 5 Record the sale of inventory. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit 2. Inventory is sold for $447,600. 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. 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 Complete the schedule allocating the gain or loss on the sale of inventory $273,000 and partners with deficits do not pay their Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory cost $ 273,000 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY Total Initial capital balances $ 75,200 $ 169,200 $ 131,600 $ 376,000 Allocation of gains (losses) 0 Capital balances after gains (losses) 75,200 169,200 131,600 376,000 Allocation of deficit balance 0 Capital balances after deficit allocation $ 75,200 $ 169,200 $ 131,600 $ 376,000 < Required 3 GJ Required 4 GJ > 12 GP 1 4 2 Inventory is sold for $447,600 3. Inventory is sold for $354,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $273,000 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. pints Required 1 Required 1 GJ Required 2 Required 2 GJ Inventory Required 3 Inventory Required 3 GJ Required 4 Required 4 GJ Inventory eBook Ask Print References Inventory Prepare journal entries to record the inventory is sold for $273,000 and partners with deficits do not pay their deficit View transaction list Journal entry worksheet 2 3 4 5 Record the sale of inventory for $273,000. Note: Enter debits before credits, Transaction (a) General Journal Debit Credit