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, 376; 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 $ 96,000 Accounts payable $ 246,500 Inventory 537,000 Equity Kendra, Capital 77,300 Cogley, Capital 173,925 Mei, 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. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2G) Required 3 Required 3 G) Required 4 Inventory Required 4 GJ Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $625,800. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost S 625,800 COGLEY Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 77,300 Allocation of gains (losses) Capital balances after gains (losses) MEI Total 135,275 S 386,500 $ 173.925 $ Required 1. Inventory Required 1 GJ > 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. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 GJ Prepare journal entries to record the inventory is sold for $625,800. View transaction list Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal 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. 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) Complete the schedule allocating the gain or loss on the sale of inventory is $476,400. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 476,400 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 77,300 Allocation of gains (losses) Capital balances after gains (losses) COGLEY $ 173,925 MEI 135,275 Total 386,500 $ $ 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 $476,400. View transaction list Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal Required 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 G Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $319,800 and partners with deficits pay their deficits in cash. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 319,800 MEI Total Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 77,300 Allocation of gains (losses) Capital balances after gains (losses) COGLEY $ 173,925 $ 135,275 $ 386,500 Required 1 Inventory Required 1 GJ 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 $319,800 and partners with deficits pay their deficits in cash. 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 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory $262,800 and partners with deficits do not pay their deficits. Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory cost $ 262,800 MEI Total $ 135,275 $ 386,500 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit(s) KENDRA COGLEY Initial capital balances $ 77,300 $ 173,925 Allocation of gains (losses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after deficit allocation Required 1 Inventory Required 1 G 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 $262,800 and partners with deficits do not pay their deficits. View transaction list Journal entry worksheet Record the sale of inventory for $262,800. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal