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 Inventory $ 90,500 Accounts payable 540,000 $ 249,000 Equity Kendra, Capital Cogley, Capital Mei, Capital 76,300 171,675 133,525 Total assets $ 630,500 Total liabilities and equity $ 630,500 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 $627,000. 2. Inventory is sold for $468,000. 3. Inventory is sold for $302,400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $246,600 and partners with deficits do not pay their deficits.