Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $180, 800 Accounts payable 537,200 Kendra, Capital Cogley, Capital Mei, Capital $718,000 Total liabilities and equity $245,500 93,000 212,500 167,000 $ 718,000 Total assets 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. Amounts to be deducted or losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) 1. Inventory is sold for $600,000 2. Inventory is sold for $500,000. 3. Inventory is sold for $320,000 and any partners with capital deficits pay in the amount of their deficits. 4. Inventory is sold for $250,000 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) 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