Problem 12.6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3.21 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 inquidation, their balance sheet appears as follows. Required: For each of the following scenarlos, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entrles to record the below transoctions. (Do not round intermedlate calculations. Enter losses and partner deficits, If any, as negative omounts.) 1. Inventory is sold for $610,200 2. Inventory is sold for $422.400 3. Inventory is sold for $300.000 and partiners with deficits poy their deficits in cash 4. Inventory is sold for $266,400 and partners with deficits do not pay thesr deficits. Complete this question by entering vour answers in the tabs below. Complete the schedule allocating the gain or loss on the saie of inventory is $610,200. Problem 12.6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:21 ratio (in ratio form, Kendra, 3/6. Cogley, 2/6, and Mel, 1/6). The partners hove decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. 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 $610,200 2. Inventory is sold for $422,400 3. Inventory ts sold for $300,000 and partners with dencits pay their deficits in cosh 4. Inventory ts sold for $266.400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Piepare joumal entnes to record the inventory is sold for 1610,200 . Problem 12.6A (Algo) Liquidation of a partnership LO P5 Kendra. Cogley, and Mel share income and loss in a 3:21 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. 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 caiculotions. Enter losses and partner deficits, If any, as negative amounts.) 1. Inventory 15 sold for $610,200. 2. Inventory is sold for $422,400. 3. Inventory is sold for $300,000 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $266,400 and partners with deficits do nor pay their deficits. Complete this question by entering your answers in the tabs below. Prepare joumal entnes to record the inventory is sold for $510,200. Journal entry worksheet Allocate the gain(loss) on the sale of inventory to the partners. Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:21 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. 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 tiansactions. (Do not round intermediate caiculations. Enter losses and partner deficits, If any, as negative amounts.) 1. Inventory is sold for $610.200. 2. Inventory 15 sold for $422.400 3. Inventory is sold for $300,000 and partners with deficits pay their deficits in cash 4. Inventory is sold for $266.400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the inventory is sold for $610,200. Journal entry worksheet Problem 12-6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:21 ratio (in rato form: Kendra, 3/6; Cogley, 2/6, and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of irquidation, their balance sheet appears as follows. 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 intermediote caiculotions. Enter losses and partner deficits, If any, os negative omounts.) 1. Inventory is sold for $610,200 2. inventory as sold for $422,400. 3. Inventory is sold for 5300.000 and partners with deficits poy their deficits in cash 4. Inventory is sold for $266,400 and parthers with deficits do nor poy their deficits. Complete this question ty entering your answers in the tabs below. Prepare journal entries to record the inventory is soid for $610,200. Journal entry worksheet
