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 $250,500 76,800 172,800 134,400 634, 500 79,500 Accounts payable 555,000 Kendra, Capital Cogley, Capital Mei, Capital Total assets $634,500 Total liabilities and equity 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 $628,200 (2) Inventory is sold for $457,800. (3) Inventory is sold for $331,800 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $277,200 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 G Required 2 Inventory Required 2 G Required 3 Inventory Required 4 Inventory Required 1 Required 3 G) Required 4 GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $628,200 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 628,200 Step 2) Allocation of the Gain (Loss) to the Partners Total KENDRA $76,800 COGLEY $172,800 MEI Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 134,400384,000 $76,800 $172,800 S 134,400$ 384,000