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 Balance Sheet Liabilities Accounts payable $ 85,400 549,600 Equity Kendra, Capital $253,000 76,400 Cogley, Capital Mei, Capital 171,900 133,700 Total assets $635,000 Total liabilities and equity $635,000 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 $607,800. 2. Inventory is sold for $430.200. 3. Inventory is sold for $321,600 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $251,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 1 G3 Inventory Required 2 GJ Required 31 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $607,800. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 607,800 Step 2) Allocation of the Gain (Loss) to the Partners. Initial capital balances KENDRA COGLEY MEI Total S 76,400 $ 171.900 $ 133,700 $ 382.000 Allocation of gains (losses) 0 Capital balances after gains (losses) S 76,400 $ 171,900 S 133,700 $ 382,000 Clini Required 1 GJ