Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, %; Cogley, %; and Mei, %). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Required Balance Sheet Assets Cash Liabilities $180,800 Accounts payable $245,500 Inventory 537,200 Equity Kendra, Capital 93,000 Cogley, Capital 212,500 Mei, Capital 167,000 Total assets $718,000 Total liabilities and equity $718,000 Page 452 Prepare journal entries for (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Inventory is sold for (1) $600,000; (2) $500,000; (3) $320,000 and partners with deficits pay their deficits in cash; and (4) $250,000 and partners with deficits do not pay their deficits. (Round to the nearest dollar.)