Kendra, Cogley, and Mel share Income and loss in a 3.2.1 ratio (in ratio forme: Kendra, 3/6: Cogley. 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $245,500 3180, 800 537,200 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mel, Capital Total liabilities and equity 93,000 212,500 167,000 $718, 600 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. Invertory 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 Inventory Required) Required 1 Required 2 Required 1 G Required 3 Inventory Required 2G Inventory Required 3 G Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $600,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 600,000 Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners KENORA COGLEY Initial capitales $ 23.0005 212,500 Allocation of gains (losses) MEI Total $ 167,000 472.500