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. 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. Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts. 1. Inventory is sold for $628,200. 2. Inventory is sold for $435,000. 3. Inventory is sold for $315,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $286,800 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Complete the schedule allocating the gain or loss on the sale of inventory is $628,200. Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. Journal entry worksheet Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits. Journal entry worksheet 1 Record the payment of the liabilities. Note: Enter debits before credits. Journal entry worksheet 1 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, v/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance 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 transactions. Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts. 1. Inventory is sold for $628,200. 2. Inventory is sold for $435,000. 3. Inventory is sold for $315,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $286,800 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Complete the schedule allocating the gain or loss on the sale of inventory is $435,000. repare journal entries to record the inventory is sold for $435,000. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits. Journal entry worksheet Record the payment of the liabilities. Note: Enter debits before credits. Journal entry worksheet 1 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Complete the schedule allocating the gain or loss on the sale of inventory is $315,000 and partners with deficits pay their deficits in cash. Prepare journal entries to record the inventory is sold for $315,000 and partners with deficits pay their deficits in cash. Journal entry worksheet 45 Record the sale of inventory. Note: Enter debits before credits. Prepare journal entries to record the inventory is sold for $315,000 and partners with deficit their deficits in cash. Journal entry worksheet Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits. Prepare journal entries to record the inventory is sold for $315,000 and partners with deficits pay their deficits in cash. Journal entry worksheet The partner(s) with deficit balances repay the amount of their deficit(s). Note: Enter debits before credits. Prepare journal entries to record the inventory is sold for $315,000 and partners with deficit their deficits in cash. Journal entry worksheet 1 Record the payment of liabilities. Note: Enter debits before credits. Prepare journal entries to record the inventory is sold for $315,000 and partners with deficits pay their deficits in cash. Journal entry worksheet 1 Record the distribution of the remaining cash to the partners. Note: Enter debits before credits. Complete the schedule allocating the gain or loss on the sale of inventory $286,800 and partners with deficits do not pay their deficits. Prepare journal entries to record the inventory is sold for $286,800 and partners with deficits do not pay their deficits. Journal entry worksheet 5 Record the sale of inventory for $286,800. Note: Enter debits before credits. Prepare journal entries to record the inventory is sold for $286,800 and partners with deficit not pay their deficits. Journal entry worksheet 5 Record the allocation of the gain or loss on the sale of inventory to the partners. Note: Enter debits before credits. Prepare journal entries to record the inventory is sold for $286,800 and partners with deficits do not pay their deficits. Journal entry worksheet Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. Note: Enter debits before credits. repare journal entries to record the inventory is sold for $286,800 and partners with deficits do ot pay their deficits. Journal entry worksheet 5 Record the payment of liabilities. Note: Enter debits before credits. repare journal entries to record the inventory is sold for $286,800 and partners with deficits do ot pay their deficits. Journal entry worksheet 1 Record the disbursement of the remaining cash to the partner(s). Note: Enter debits before credits