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Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 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 $ 63,900 Accounts payable $ 246,000 Inventory 555,600 Equity Kendra, Capital 74,700 Cogley, Capital 168,075 Mei, Capital 130,725 Total assets $ 619,500 Total liabilities and equity 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