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 Liabilities Cash Inventory $ 106,000 Accounts payable 537,000 $ 259,000 Equity Kendra, Capital Cogley, Capital Mei, Capital 76,800 172,800 134,400 Total assets $ 643,000 Total liabilities and equity $ 643,000 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. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $603,000. 2. Inventory is sold for $421,800. 3. Inventory is sold for $353,400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $268,200 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 Required 4 GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $603,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 603,000 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY Total Initial capital balances $ 76,800 $ 172,800 $ 134,400 $ 384,000 Allocation of gains (losses) 0 Capital balances after gains (losses) $ 76,800 $ 172,800 S 134,400 $ 384,000 Required 1 Inventory Required 1 GJ >