Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Cash Inventory $ 86,100 Accounts payable 536,400 Kendra, Capital Cogley, Capital Mei, Capital Liabilities $ 242,000 Equity 76,100 171,225 133,175 Total assets Required: $ 622,500 Total liabilities and equity $ 622,500 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. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $621,000. 2. Inventory is sold for $462,600. 3. Inventory is sold for $337,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $245,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $621,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 621,000 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 76,100 < Required 1 Inventory $ 76,100 $ 171,225 $ 133,175 $ Total 380,500 $ 171,225 $ 133,175 $ 380,500 Required 1 GJ >