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 $ 79,600 Accounts payable 557,400 Kendra, Capital Cogley, Capital Mei, Capital $637,000 Total liabilities and equity $258,500 75,700 170,325 132,475 $637,000 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 $615,600. (2) Inventory is sold for $455,400. (3) Inventory is sold for $345,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $297,600 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $615,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost S 615,600 COGLEY MEI Total Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances S 75,700 Allocation of gains (losses) Capital balances after gains (losses) S 170,325 S 132,475 S 378,500 Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $615,600. View transaction list Journal entry worksheet 1 2 3 4 > Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G] Required 2 Inventory Required 2 G 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 $455,400. Step 1) Determination of Gain (Loss) Proceeds from the sale inventory Inventory cost S 455,400 Step 2) Allocation of the gain (Loss) to the Partners. KENDRA Initial capital balances S 75,700 Allocation of gains (losses) Capital balances after gains (losses) COGLEY S 170,325 MEI 132.475 Total 378,500 S S
