or each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. o record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, mounts.) 1. Inventory is sold for $619,200. 2. Inventory is sold for $459,600. 3. Inventory is sold for $328,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $261,600 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 Required 4 Required 4 GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory $261,600 and partners with deficits do not Step 1) Determination of gain (loss) Proceeds from the sale of inventory $ 261,600 542,400 Inventory cost $ (280,800) Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) COGLEY Initial capital balances Allocation of gains (losses) 3/6 Capital balances after gains (losses) Allocation of deficit balance KENDRA $ 76,400 (140,400) (64,000) 64,000 MEI Total $ 171,900 $ 133,700 $ 382,000) 2/6 (93,600) 78,300 1/6 (46,800) (280,800) 86,900 101,200 2/3 (52,200) 1/3 (28,967) (17,167) Capital balances after deficit allocation $ 0 $ 26,100 $ 57,933 $ 84,033