Problem 12-5A Liquidation of a partnership LOP4 Kendra. cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY AND MEI Balance Sheet May 31 Liabilities and Equity Assets 180,800 Accounts payable Cash 245,500 93,000 537.200 Kendra, Capital Inventory 212,500 Cogley, Capital Mei, Capital 167,000 s 718,000 Total abilities and equity s 718.000 Total assets Required: 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. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) 1. Inventory is sold for s600,000