Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6, Cogley, 2/6; and Mei, 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 $ 95,100 Accounts payable 545,400 $ 251,000 Equity Kendra, Capital Cogley, Capital Mei, Capital 77,900 175,275 136,325 $ 640,500 Total assets Required: $ 640,500 Total liabilities and equity 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 $621,000. 2. Inventory is sold for $476,400. 3. Inventory is sold for $313,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $297,600 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 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 $621,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 621,000 545,400 $ 75,600 Gain on sale Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 77,900 $ [6 COGLEY 175,275 $ MEI Total CA 136,325 $ 389,500 Allocation of gains (losses) 3/6 0 Capital balances after gains (losses) $ 77,900 $ 175,275 $ 136,325 $ 389,500 Required 1 GJ > 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 Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 Allocate the gain (loss) on the sale of inventory to the partners. Note: Enter debits before credits. Transaction (b) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the payment of the liabilities. Note: Enter debits before credits. Transaction (c) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 05 3 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Transaction (d) General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 G) 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 $476,400. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 476,400 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY Total Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 77,900 < Required 1 GJ $ 77,900 $ 175,275 $ 136,325 $ 389,500 0 $ 175,275 $ 136,325 $ 389,500 Required 2 GJ > Journal entry worksheet > 1 2 3 4 Record the sale of inventory. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit 7 Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 Allocate the gain (loss) on the sale of inventory to the partners. Note: Enter debits before credits. Transaction (b) General Journal Debit Credit 7 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the payment of the liabilities. Note: Enter debits before credits. Transaction (c) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Transaction (d) General Journal Debit Credit Record entry Clear entry View general journal Required 1 Inventory Required 2 Required 1 GJ Required 2 GJ Inventory 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 $313,200 and partners with deficits pay the Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 313,200 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Initial capital balances $ 77,900 $ 175,275 $ 136,325 $ Total 389,500 Allocation of gains (losses) 0 Capital balances after gains (losses) $ 77,900 $ 175,275 $ 136,325 $ 389,500 < Required 2 GJ Required 3 GJ > View transaction list Journal entry worksheet < 1 2 3 4 5 Record the sale of inventory. with denen Note: Enter debits before credits. Transaction (a) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 01 Allocate the gain (loss) on the sale of inventory to the partners. Note: Enter debits before credits. Transaction (b-1) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 The partner(s) with deficit balances repay the amount of their deficit(s). Note: Enter debits before credits. Transaction (b-2) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the payment of liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the distribution of the remaining cash to the partners. Note: Enter debits before credits. Transaction (d) General Journal Debit Credit Record entry Clear entry View general journal Required 1 Inventory Required 2 Required 1 GJ Required 2 GJ Inventory Required 3 Inventory Required 4 Required 3 GJ Required 4 GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory $297,600 and partners with deficits do not pa Step 1) Determination of gain (loss) Proceeds from the sale of inventory $ 297,600 Inventory cost Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY Total Initial capital balances $ 77,900 $ 175,275 $ 136,325 $ 389,500 Allocation of gains (losses) 0 Capital balances after gains (losses) 77,900 175,275 136,325 389,500 Allocation of deficit balance 0 Capital balances after deficit allocation $ 77,900 $ 175,275 $ 136,325 $ 389,500 < Required 3 GJ Required 4 GJ > 1 2 3 4 5 Record the sale of inventory for $297,600. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the allocation of the gain or loss on the sale of inventory to the partners. Note: Enter debits before credits. Transaction (b-1) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. Note: Enter debits before credits. Transaction (b-2) General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the payment of liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 Record the disbursement of the remaining cash to the partner(s). Note: Enter debits before credits. Transaction (d) General Journal Debit Credit Record entry Clear entry View general journal