Kendro, Cogley, and Mei share income and loss in 3:21 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 bolance sheet appears as follows. 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 trensections. (Do not round intermediate calculations. Enter losses and partner deficits, If any, as negative amounts.) 1. Inventory is sold for $604,200. 2. Inventory is sold for $424,200. 3. Inventory is sold for $307,800 and portners with deficits poy their deficits in cosh. 4. Inventory is sold for $262,200 and partners with deficits do not poy their deficits. Complete this question by entering your answers in the tabs below. Prepare joumal entries to record the inventory is sold for $307,800 and partners with deficits pay their deficits in cash. 1 Record the sale of inventory. 2 Allocate the gain(loss) on the sale of inventory to the partners. 3 The partner(s) with deficit balances repay the amount of their deficit(s)