Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6: Cogley, 2/6; and Mel, 16). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory 5 84,100 536,400 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity $242,500 75,600 170, 180 132,300 $629,500 Total assets 5620,500 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. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $622,800. 2. Inventory is sold for $426,600. 3. Inventory is sold for $334,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $288,000 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 4 G Required 1 Required 2 Required 1 G) Required 3 Inventory Required 4 Required 2G) Inventory Inventory Required 3 G) Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $622,800. Stop 1) Determination of Gain (LON) Proceeds from the sale of inventory $622,800 Inventory cost -3 COGLEY MEI Step 2) Allocation of the Gain (Loss) to the Partners KENDRA Initial capital balances $ 75,600 Allocation of gains (losses) Capital balances after gains (losses) Total 378,000 $ 170,100 $ 132,300 $ Renredor Required 103 > Required 1 Inventory Required 160 Required 2 Inventory Required 2G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 ) Prepare Journal entries to record the inventory is sold for $622,800. View transaction list Journal entry worksheet 1 2 3 4 > Record the sale of inventory Note: Enter debits before credits Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal Required 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Prepare journal entries to record the inventory is sold for $622,800. View transaction list Journal entry worksheet 1 2 3 4 Allocate the gain(loss) on the sale of Inventory to the partners. tonces Net Enter debts before credits General Journal Debit Credit Transaction (b) acord entry Clear entry View general Journal Required 1 inventory Required 2 inventory w Saved Help Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 G Required 4 Inventory Required 4 G Prepare journal entries to record the inventory is sold for $622,800. View transaction list Journal entry worksheet 1 2 3 4 > Record the payment of the liabilities. Note: Enter cubits before credits General Journal Debit Credit (c) Record entry Clear entry View general Journal Required 1 Inventory Required 1 G3 Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $622,800. View transaction list Journal entry worksheet 1 2 3 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits General Journal Debit Credit (d) Record entry Clear entry View general journal Required 1 Inventory Required 2 Inventory amounts.) 1. Inventory is sold for $622,800. 2. Inventory is sold for $426,600. 3. Inventory is sold for $334,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $288,000 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 2 G Required 3 Inventory Required 3 G Required 1 G Required 4 Inventory Required 4 G Complete the schedule allocating the gain or loss on the sale of inventory is $426,600. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 426,600 Inventory cost COGLEY $ 170,100 MEI Total 132,300 $ 378,000 $ Stup 21 Allocation of the gain (Los) to the Partners KENDRA Initial capital balances $ 75,600 Allocation of gains (losses) Capital balances after gains (losses) Required 1 Inventory Required 2 Inventory Required 1 ou Required 2G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 GJ Prepare journal entries to record the inventory is sold for $426,600. View transaction list Journal entry worksheet 1 2 3 4 Record the sale of Inventory Nointer dents before credite General Journal Debit Credit Transaction () Record entry Clear entry View general journal Required 2 inventory Required a inventory > Required 1 Inventory Required 1 G Required 2 Inventory Required 2 GJ Required Inventory Required 3 GJ Required Inventory Required 4 G Prepare journal entries to record the inventory is sold for $426,600. View transaction list Journal entry worksheet Required Inventary Required 1 G Required 2 Inventory Required 2G Required 3 Inventory Required 3 G Required 4 Inventory Required 4 GB Prepare journal entries to record the inventory is sold for $426,600. View transaction list Journal entry worksheet 1 2 4 Record the payment of the liabilities. Note: Enter debits before credits General Journal Debit Credit Tranunction (c) Record entry Clear entry View general Journal Required 2 inventory Required 3 Inventory Required 1 Inventory Required 2 Inventory Required 1 G) Required 2 G Required 3 Inventory Required 4 Inventory Required 3 G Required 4 ) Prepare journal entries to record the inventory is sold for $426,600. View transaction list Journal entry worksheet 3 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits General Journal Debit Credit Trannection (d) Record entry Clear entry View general Journal 1. Inventory is sold for $622,800. 2. Inventory is sold for $426,600, 3. Inventory is sold for $334,800 and partners with deficits pby their deficits in cash. 4. Inventory is sold for $288,000 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 ) Required 2 G Required 3 Inventory Required 4 Inventory Required 3 G Required 4 G Complete the schedule allocating the gain or loss on the sale of inventory is $334,800 and partners with deficits pay their deficits in cash. Step 1) Determination of Galin (Loss) Proceeds from the sale of inventory 334,800 Inventory cost $ COGLEY $ 170,100 MEI Total 132,300 $ 378,000 $ Step 21 Allocation of the Guin (Loss) to the Partners KENDRA Initial capital balances $ 75,600 Allocation of gains (losses) Capital balances after gains (losses) (Required 20J Required 3 0J > Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 2G) Required 1 69 Required 4 Required 3 GJ Inventory Inventory Inventory Inventory Required 4 ] Prepare journal entries to record the inventory is sold for $334,800 and partners with deficits pay their deficits in cash. View transaction list Journal entry worksheet 1 2 3 4 5 Record the sale of inventory. Note Enter debits before credits General Journal Dobit Credit Transaction (a) Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $334,800 and partners with deficits pay their deficits in cash View transaction list Journal entry worksheet 1 3 4 5 Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits General Journal Debit Credit Transaction (1-1) Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required: Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G Required 4 Inventory Required 4 G Prepare journal entries to record the inventory is sold for $334,800 and partners with deficits pay their deficits in cash. View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Required t Required 2 Required 3 Required 10 Required 2G Required 4 Required 3 GJ Inventory Inventory Inventory Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $288,000 and partners with deficits do not pay their deficits. View transaction list Journal entry worksheet 1 2 3 4 5 Record the sale of inventory for $288,000 Not Enter debits before credits General Journal Debit Credit (a) Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 cu Required 2 Inventory Required 2 GB Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G Prepare foumal entries to record the inventory is sold for $288,000 and partners with deficits do not pay their deficits. View transaction list Journal entry worksheet 3 5 Record the allocation of the gain or loss on the sale of inventory to the partners. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 G Required 3 Required 2 G) Inventory Required 4 Inventory Inventory Required 3 GI Inventory Required 4 GU Prepare fournal entries to record the Inventory is sold for $288,000 and partners with deficits do not pay their deficits. View transaction list Journal entry worksheet Record the payment of liabilities Note: Enter debits before credits General Journal Debit Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required: Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G Required 4 Inventory Required 4 GI Prepare journal entries to record the inventory is sold for $288,000 and partners with deficits do not pay their deficits. View transaction list Journal entry worksheet 1 2 3 4 Record the disbursement of the remaining cash to the partner(s). Note: Enter debits before credits Ganoral Journal Debit Credit Transaction (d) Record entry Clear entry View general journal