Kendra, Cogley, and Mel 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. Assets Cash Inventory $180,800 537,200 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity $245,500 93,000 212,500 167,200 $718,000 Total assets $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. (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. Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 4 G) Required 1 Required 2 Required 3 Required 16) Inventory Inventory Required 26 Inventory Required 3 G Complete the schedule allocating the gain or loss on the sale of inventory is $500,000 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory S 500.000 Inventory cost 537 200 Loss on sale $ (37,200) [Mc Graw Hill Education 5 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. 15 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 1 G) Required 4 Inventory Required 2 G Inventory Required 3 G) Inventory Required 4 GJ Inventory Prepare journal entries to record the inventory is sold for $320,000 and partners with deficits pay their deficits in cash Print View transaction list View journal entry worksheet C X Debit Credit References Record the sale of inventory. 2 Allocate the gain(loss) on the sale of inventory to the partners. juired 4 Inventory > 3 The partner(s) with deficit balances repay the amount of their deficit(s). 4 Record the payment of liabilities. 5 Record the distribution of the remaining cash to the partners. Note: = journal entry has been entered 5 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. 15 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 1 G) Required 3 Inventory Required 2 G Required 4 Inventory Required 3 G) Required 4 G) Inventory Inventory Complete the schedule allocating the gain or loss on the sale of inventory $250,000 and partners with deficits do not pay their defu Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 250,000 Inventory cost Print References MEI Total $ 472,500 $ 167.000 Step 2) Allocation of the Gain (Loss) to the Partners and Distribution of deficit(s) KENDRA COGLEY Initial capital balances $ 93,000 $ 212,500 Allocation of gains (losses) 3/6 2/6 Capital balances after gains (losses) 93,000 212,500 Allocation of deficit balance Capital balances after deficit allocation $ 93,000 $ 212,500 1/6 0 167,000 472,500 0 $ 167,000 $ 472,500 Complete this question by entering your answers in the tabs below. Required 1 Required 16) Required 2 Inventory Required 3 Required 2 G Inventory Required 4 Inventory Required 3 G Inventory Required 4 G Prepare journal entries to record the inventory is sold for $250,000 and partners with deficits do not pay their deficits. View transaction list Book Journal entry worksheet 1 2 Print 5 > rences Record the sale of inventory for $250,000 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 5 Complete this question by entering your answers in the tabs below. Required 3 Required 3 GJ 15 points Required 1 Required 2 Required 1 G Required 4 Required 2 G) Inventory Inventory Inventory Inventory Required 4 G Prepare journal entries to record the inventory is sold for $250,000 and partners with deficits do not pay their deficit View transaction list eBook X Print 1 > References Record the sale of inventory for $250,000. 2 Record the allocation of the gain or loss on the sale of inventory to the partners. 3 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. 4 Record the payment of liabilities. 5 Record the disbursement of the remaining cash to the partner(s). Credit Note : - Journal entry has been entered Record entry Clear entry View general Journal Kendra, Cogley, and Mel 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. Assets Cash Inventory $180,800 537,200 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity $245,500 93,000 212,500 167,200 $718,000 Total assets $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. (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. Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 4 G) Required 1 Required 2 Required 3 Required 16) Inventory Inventory Required 26 Inventory Required 3 G Complete the schedule allocating the gain or loss on the sale of inventory is $500,000 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory S 500.000 Inventory cost 537 200 Loss on sale $ (37,200) [Mc Graw Hill Education 5 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. 15 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 1 G) Required 4 Inventory Required 2 G Inventory Required 3 G) Inventory Required 4 GJ Inventory Prepare journal entries to record the inventory is sold for $320,000 and partners with deficits pay their deficits in cash Print View transaction list View journal entry worksheet C X Debit Credit References Record the sale of inventory. 2 Allocate the gain(loss) on the sale of inventory to the partners. juired 4 Inventory > 3 The partner(s) with deficit balances repay the amount of their deficit(s). 4 Record the payment of liabilities. 5 Record the distribution of the remaining cash to the partners. Note: = journal entry has been entered 5 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. 15 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 1 G) Required 3 Inventory Required 2 G Required 4 Inventory Required 3 G) Required 4 G) Inventory Inventory Complete the schedule allocating the gain or loss on the sale of inventory $250,000 and partners with deficits do not pay their defu Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 250,000 Inventory cost Print References MEI Total $ 472,500 $ 167.000 Step 2) Allocation of the Gain (Loss) to the Partners and Distribution of deficit(s) KENDRA COGLEY Initial capital balances $ 93,000 $ 212,500 Allocation of gains (losses) 3/6 2/6 Capital balances after gains (losses) 93,000 212,500 Allocation of deficit balance Capital balances after deficit allocation $ 93,000 $ 212,500 1/6 0 167,000 472,500 0 $ 167,000 $ 472,500 Complete this question by entering your answers in the tabs below. Required 1 Required 16) Required 2 Inventory Required 3 Required 2 G Inventory Required 4 Inventory Required 3 G Inventory Required 4 G Prepare journal entries to record the inventory is sold for $250,000 and partners with deficits do not pay their deficits. View transaction list Book Journal entry worksheet 1 2 Print 5 > rences Record the sale of inventory for $250,000 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 5 Complete this question by entering your answers in the tabs below. Required 3 Required 3 GJ 15 points Required 1 Required 2 Required 1 G Required 4 Required 2 G) Inventory Inventory Inventory Inventory Required 4 G Prepare journal entries to record the inventory is sold for $250,000 and partners with deficits do not pay their deficit View transaction list eBook X Print 1 > References Record the sale of inventory for $250,000. 2 Record the allocation of the gain or loss on the sale of inventory to the partners. 3 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. 4 Record the payment of liabilities. 5 Record the disbursement of the remaining cash to the partner(s). Credit Note : - Journal entry has been entered Record entry Clear entry View general Journal