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 $ 102,900 Accounts payable 537,600 Kendra, Capital Cogley, Capital Mei, Capital $ 640,500 Total liabilities and equity $ 258,500 76,400 171,900 133, 700 $ 640,500 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 $624,000. (2) Inventory is sold for $476,400. (3) Inventory is sold for $333,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $244,800 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 Required Required Required Required Required Required Required 1 GJ 2 2 GJ 3 3 GJ 4 G) 4 Complete the schedule allocating the gain or loss on the sale of inventory is $624,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 624,000 Inventory cost 537,600 Gain on sale $ 86,400 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY $ Initial capital balances $ 76,400 171,900 3/ 2/ Allocation of gains (losses) 10 10 Capital balances after gains $ (losses) $ 76,400 171,900 MEI Total $ $ 133,700 382,000 1/ 10 0 $ 133,700 $ 382,000 Required 1 Inventory Required 1 GJ > Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 GJ 4 4 GJ Prepare journal entries to record the inventory is sold for $624,000. View transaction list View journal entry worksheet Credit No Transaction 1 (a) Debit 624,000 General Journal Cash Inventory Gain on sale of inventory 537,600 86,400 2 (b) 624,000 Gain on sale of inventory Kendra, Capital Cogley, Capital Mei, Capital 3 (C) Accounts payable Cash 4 (d) Kendra, Capital Cogley, Capital Mei, Capital Cash Complete this question by entering your answers in the tabs below. Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 GJ 4 4 G) 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 476,400 Inventory cost Step 2) Allocation of the gain (Loss) to the Partners. KENDRA COGLEY $ 76,400 $ 171,900 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) MEI Total $ $ 133,700 382,000 0 $ $ 133,700 382,000 $ 76,400 $ 171,900 Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 GJ 4 4 G) Prepare journal entries to record the inventory is sold for $476,400. View transaction list Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 GJ 4 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $333,600 and any partners with capital deficits pay in the amount of their deficits. Step 1) Determination of Gain (Loss) $ Proceeds from the sale of inventory 333,600 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI $ 133,700 Initial capital balances $ 76,400 171,900 Total $ 382,000 0 $ 382,000 Allocation of gains (losses) Capital balances after gains (losses) $ 76,400 $ 171,900 $ 133,700 Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 G) 4 4 GJ Prepare journal entries to record the inventory is sold for $333,600 and any partners with capital deficits pay in the amount of their deficits. View transaction list Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general Journal Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 GJ 4 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory $244,800 and the partners have no assets other than those invested in the partnership. Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory Cost $ 244,800 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY MEI Total $ $ $ Initial capital balances $76,400 171,900 133,700 382,000 Allocation of gains (losses) 0 Capital balances after gains 76,400 (losses) 171,900 133,700 382,000 Allocation of deficit balance 0 Capital balances after deficit $ $ $ $76,400 allocation 171,900 133,700 382,000 Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 GJ 4 4 GJ 3 Prepare journal entries to record the inventory is sold for $244,800 and the partners have no assets other than those invested in the partnership. View transaction list Journal entry worksheet Record the sale of inventory for $244,800. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general Journal