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, 16). The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Balance Sheet Assets Liabilities Cash $ 81,000 Accounts payable $247,000 Inventory 546,000 Equity Kendra, Capital 76,000 Cogley, Capital 171,00 Mei, Capital 133.000 Total assets $627,000 Total liabilities and equity $627,000 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 $617,400 2. Inventory is sold for $469,200 3. Inventory is sold for $325,200 and partners with deficits pay their deficits in cash 4. Inventory is sold for $292,800 and partners with deficits do not pay their deficits Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 1 G) Required 4 Required 3 Inventory Required 2G) Required 4 Inventory Required 36) Complete the schedule allocating the gain or loss on the sale of Inventory is $617,400. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 617 400 3. Inventory is sold for $325,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $292,800 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 3 G Required 4 Inventory Required Required 1 Required 2 Required 1 GJ Inventory Required 3 Required 2 G7 Inventory Inventory Prepare journal entries to record the inventory is sold for $617,400. View transaction list Journal entry worksheet 2 3 4 Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits General Journal Debit Credit Transaction (b) Record entry Clear entry View general Journal Type here to search Inventory is sold for $325,200 and partners with deficits pay their deficits in cast Inventory is sold for $292.800 and partners with deficits do not pay their deficits Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Prepare journal entries to record the inventory is sold for $617,400. View transaction list Journal entry worksheet $292,800 and partners with deficits do not pay their deficit Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G Required 2 Inventory Required 2G] Required 3 Inventory Required 3 G) Prepare journal entries to record the inventory is sold for $469,200. View transaction list Journal entry worksheet 1 2 3 4 Record the sale of inventory. Note: Enter debits before credits General Journal Debit Credit Transaction (a) Record entry Clear entry View general joum Required 3 Inventor Tuna here to coarch 3. Inventory is sold for $325,200 and partners with deficits pay their deficits in cash 4. Inventory is sold for $292,800 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 16 Required 2 Required 3 Inventory Required 2 G Inventory Required 4 Inventory Required 3 G) Inventory Required 4 GI Prepare journal entries to record the inventory is sold for $325,200 and partners with deficits pay their deficits in cash View transaction list Journal entry worksheet d 9 1. Inventory is sold for $617.400. 2. Inventory is sold for $469,200 3. Inventory is sold for $325,200 and partners with deficits pay their deficits in cash 4. Inventory is sold for $292,800 and partners with deficits do not pay their deficits Complete this question by entering your answers in the tabs below. Required 1 Required 1 GJ Required 2 Inventory Required 3 Required 2G) Inventory Required 4 Required 3 G Inventory Inventory Required 4 Prepare journal entries to record the inventory is sold for $292,800 and partners with deficits do not pay their d View transaction list Journal entry worksheet
