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Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Met share Income and loss in a 3:21 ratio (In ratio form: Kendra, 3/6Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities Cash $ 96,000 Accounts payable $ 246,500 Inventory 537,000 Equity Kendra, Capital 77,300 Cogley, Capital 173,925 Mel, Capital 135,275 Total assets $ 633,000 Total liabilities and equity $ 633,000 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 $625,800. 2. Inventory is sold for $476,400. 3. Inventory is sold for $319,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $262,800 and partners with deficits do not pay their deficits