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. Balance Sheet Assets Liabilities Cash Inventory $ 93,700 Accounts payable 547,800 $257,500 Equity Kendra, Capital Cogley, Capital Mei, Capital 76,800 172,800 134,400 $ 641,500 Total liabilities and equity $ 641,500 Total assets 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 $623,400. 2. Inventory is sold for $475,800. 3. Inventory is sold for $332,400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $252,600 and partners with deficits do not pay their deficits.