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Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 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 balance sheet appears as follows. Assets Cash Inventory $ 246,000 $ 63,900 555,600 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 74,700 168,075 130,725 $ 619,500 Total assets $ 619,500 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 $624,000. 2. Inventory is sold for $427,800. 3. Inventory is sold for $330,600 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $260,400 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 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $624,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost 624,000 COGLEY MEI Total Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 74,700 Allocation of gains (losses) Capital balances after gains (losses) $ 168,075 $ 130,725 $ 373,500 Required 1 Inventory Required 1 GJ > Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 G Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $624,000. View transaction list Journal entry worksheet Required 1 Inventory Required 1 G) Required 2 Inventory Required 2G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $427,800. View transaction list Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal Required 2 GJ Required 1 GJ Inventory Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $330,600 and partners with deficits pay their deficits in cash. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 330,600 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total $ 74,700 $ 168,075 $ 130,725 $ 373,500 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Required 1 Inventory Required 1 GJ 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 $330,600 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. Transaction 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 GJ Required 2 Inventory Required 2 GJ 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 $260,400 and partners with deficits do not pay their deficits. Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory cost $ 260,400 MEI Total $ 130,725 $ 373,500 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY Initial capital balances $ 74,700 $ 168,075 Allocation of gains (losses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after deficit allocation 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 $260,400 and partners with deficits do not pay their deficits. View transaction list Journal entry worksheet Record the sale of inventory for $260,400. Note: Enter debits before credits. Transaction General Journal Debit Credit (a)
