Kendra, Cogley, and Mei share income and loss in a 321 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows , COGLEY, AND Balance Sheet Assets Cash Inventory Liabilities and Equity $101,600 Accounts payable 542,400 Kendra, Capital Cogley, Capital Mei, Copital Total llabilities and equity $259,880 77,080 173,250 134,750 644,000 Total assets 5644,000 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. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $616,200 (2) Inventory is sold for $427.200 (3) Inventory is sold for $337,800 and any partners with capital deficits pay in the amount of their deficits (4) Inventory is sold for $287400 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below Required 1 Rd1GInventory Inventory Required 2 Required 2 G Required 3 Inventory Required 3 G) Required 4 Required 4 Required 4 G Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $337,800 and any partners with capital deficits pay in the amount of their deficits. Proceeds from the sale of inventory Inventory cost S 337,800 542,400 S (204,600) oss on sale Step 2) Allocation of the Gain (Loss) to the Partners MEI KENDRA S 77,000 3/6 (102,300) 2/6 S (25.300) Total S 173.250 S 134.750$ 385,000 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) 16 (34,100) 204.600) (34,100) (204,600) $ 105,050 S 100,650 S 180.400 Required 2 GJ Required3GJ > 337,800 204,600 Cash Loss on sale of inventory Inventory 542,400 Kendra, Capital Cogley, Capital Mei, Capital 02,300 68,200 34,100 (b-1) Loss on sale of inventory 204,600 32 Cash (b-2) 25,300 Kendra, Capital 25,300 Accounts payable 259,000 259,000 Cash 105,050 Cogley, Capital Mei, Capital 100,650 Cash 205,700 C Required 3 Inventory Required 4 Inventory > Complete this question by entering your answers in the tabs below. Required 2 Required 2 Required 3 Required 3 G) Inventory Required 4 Required 4 G Inventory Required 1 Gai Required 2 Complete the schedule allocating the gain or loss on the sale of inventory $287,400 and the partners have no assets other than those invested in the partnership. Gain (loss) S 287,400 542.400 s (255,000) Proceeds from the sale of inventory Inventory Cost s on sale 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY $ 173,250 MEI Total 134,750 S 385,000 3/6 (127.500) 2/6 (85,000)(42.500) (255,000) 92.250 130,000 50,500 $ 77,000 Initial capital balances Allocation of gains (osses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after deficit allocation (50,500) 50,500 88.250 S 88,250 S 92 250 S 180,500 Required 3 GJ Required 4GJ View transaction list View journal entry worksheet 287,400 255,000 Cash Loss on sale of inventory Inventory 542,400 (b-1) Kendra, Capital Cogley, Capital Mei, Capital 127,500 85,000 42,500 es Loss on sale of inventory 255,000 Cogley, Capital Kendra, Capital Mei, Capital (b-2) Accounts payable 259.000 Cash 259,000 Cogley, Capital Mei, Capital Cash
