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 $ 84,800 Accounts payable 553,200 Kendra, Capital Cogley, Capital Mei, Capital $638,000 Total liabilities and equity $256,500 76,300 171,675 133,525 $638,000 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.) (3) Inventory is sold for $341,400 and any partners with capital deficits pay in the amount of their deficits. Complete the schedule allocating the gain or loss on the sale of inventory is $341,400 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 $ 341,400 Inventory cost 553,200 Loss on sale $ (211,800) Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total $ 76,300 $ 171,675 $ 133,525 $ 381,500 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) 3/6 2/6 1/6 0 $ 76,300 $ 171,675 $ 133,525 $ 381,500 Journal entry worksheet