Kendra, Cogley, and Mei share income and loss in a 3:21 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 bolance sheet appears as follows. 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 trensoctions. (Do not round Intermediate calculations. Enter losses and partner deficits, If any, as negative amounts.) 1. Inventory is sold for $604,200. 2. Inventory is sold for $424,200. 3. Inventory is sold for $307,800 and portners with deficits poy their deficits in cosh. 4. Inventory is sold for $262,200 and portners with deficits do not poy their deficits. Complete this question by entering your answers in the tabs below. Prepare joumal entries to record the inventory is sold for $262,200 and partners with deficits do not pay their deficits. 1 Record the sale of inventory for $262,200. 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. 4 Record the payment of liabilities. 5 Record the disbursement of the remaining cash to the partner(s). Note : = joumal entry has been entered