Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel 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. Assets Cash Inventory KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity $ 94,900 Accounts payable 543,600 Kendra, Capital Cogley, Capital Mei, Capital $638,500 Total liabilities and equity $ 251,000 77,500 174,375 135,625 $638,500 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. 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 $625,800. (2) Inventory is sold for $430,200. (3) Inventory is sold for $356,400 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $256,200 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 4 GJ Required 1 Required 1 GJ Required 2 Required 2G Required 3 Required 3 G Inventory Inventory 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 $ 625.800 Inventory cost COGLEY MEI Total Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances 77.500 Allocation of gains (losses) Capital balances after gains (losses) S S 174,375 S 135,625 S 387.500