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 $ 92,800 Accounts payable 535,200 Kendra, Capital Cogley, Capital Mei, Capital $628,000 Total liabilities and equity $254,000 74,800 168,300 130,900 $628,000 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 $620,400. (2) Inventory is sold for $426,000. (3) Inventory is sold for $315,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $265,800 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 1 G) 2 2 GJ 3 3 GJ 4 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $620,400. Step 1) Determination of Gain (Loss) $ Proceeds from the sale of inventory 620,400 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY $ Initial capital balances $ 74,800 168,300 Allocation of gains (losses) Capital balances after gains (losses) MEI $ 130,900 Total $ 374,000 Required 1 Inventory Required 1 GJ > 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 $620,400. View transaction list Journal entry worksheet 1 2 3 4 > Record the sale of inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry View general journal Clear entry Journal entry worksheet Journal entry worksheet Record the payment of the liabilities. Note: Enter debits before credits. Transaction General Journal (c) Debit Credit Record entry View general journal Clear entry Journal entry worksheet Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. General Journal Debit Credit Transaction (d) Record entry View general journal Clear entry 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 $620,400. (2) Inventory is sold for $426,000. (3) Inventory is sold for $315,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $265,800 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 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 $426,000. Step 1) Determination of Gain (Loss) $ Proceeds from the sale of inventory 426,000 Inventory cost Step 2) Allocation of the gain (Loss) to the Partners. KENDRA COGLEY Initial capital balances $ 74,800 $ 168,300 Allocation of gains (losses) Capital balances after gains (losses) MEI Total $ $ 130,900 374,000 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. 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 $620,400. (2) Inventory is sold for $426,000. (3) Inventory is sold for $315,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $265,800 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 1 G) 2 2 GJ 3 3 GJ 4 4 GJ Prepare journal entries to record the inventory is sold for $426,000. View transaction list X 1 Record the sale of inventory. > 2 Allocate the gain(loss) on the sale of inventory to the partners. 3 Record the payment of the liabilities. 4 Record the disbursement of the remaining cash to the partners. Credit Note: = journal entry has been entered Record entry View general journal Clear entry 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 $620,400. (2) Inventory is sold for $426,000. (3) Inventory is sold for $315,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $265,800 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 1 G) 2 2 GJ 3 3 G) 4 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $315,000 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 $ 315,000 Inventory cost Total $ 374,000 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI $ $ Initial capital balances $ 74,800 168,300 130,900 Allocation of gains (losses) Capital balances after gains (losses) Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 GJ 4 GJ 4 Prepare journal entries to record the inventory is sold for $315,000 and any partners with capital deficits pay in the amount of their deficits. View transaction list X 1 Record the sale of inventory. > 2 Allocate the gain(loss) on the sale of inventory to the partners. 3 The partner(s) with deficit balances repay the amount of their deficit(s). 4 Record the payment of the liabilities. Credit 5 Record the disbursement of the remaining cash to the partners. Note : = journal entry has been entered Record entry View general journal Clear entry 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 $265,800 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 $ 265,800 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY MEI Total $ $ $ Initial capital balances $74,800 168,300 130,900 374,000 Allocation of gains (losses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after deficit allocation 4 Required Required Required Required Required Required Required Required 1 1 GJ 2 2 GJ 3 3 GJ 4 GJ Prepare journal entries to record the inventory is sold for $265,800 and the partners have no assets other than those invested in the partnership. View transaction list X 1 Record the sale of inventory for $265,800. > 2 Record the allocation of the gain or loss on the sale of inventory to the partners. 3 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. Credit 4 Record the payment of the liabilities. 5 Record the disbursement of the remaining cash to the partner(s). Note : = journal entry has been entered Record entry View general journal Clear entry