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	$ 180,800	Accounts payable	$ 245,500
Inventory	537,200	Equity
		Kendra, Capital	93,000
		Cogley, Capital	212,500
		Mei, Capital	167,000
Total assets	$ 718,000	Total liabilities and equity	$ 718,000

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.

Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.

1. Inventory is sold for $600,000.
2. Inventory is sold for $500,000.
3. Inventory is sold for $320,000 and partners with deficits pay their deficits in cash.
4. Inventory is sold for $250,000 and partners with deficits do not pay their deficits.

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	$ 180,800	Accounts payable	$ 245,500
Inventory	537,200	Equity
		Kendra, Capital	93,000
		Cogley, Capital	212,500
		Mei, Capital	167,000
Total assets	$ 718,000	Total liabilities and equity	$ 718,000

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.

Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.

1. Inventory is sold for $600,000.
2. Inventory is sold for $500,000.
3. Inventory is sold for $320,000 and partners with deficits pay their deficits in cash.
4. Inventory is sold for $250,000 and partners with deficits do not pay their deficits.

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	$ 180,800	Accounts payable	$ 245,500
Inventory	537,200	Equity
		Kendra, Capital	93,000
		Cogley, Capital	212,500
		Mei, Capital	167,000
Total assets	$ 718,000	Total liabilities and equity	$ 718,000

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.

Note: Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.

1. Inventory is sold for $600,000.
2. Inventory is sold for $500,000.
3. Inventory is sold for $320,000 and partners with deficits pay their deficits in cash.
4. Inventory is sold for $250,000 and partners with deficits do not pay their deficits.