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 KENORA, COOLEY, WO MET Balance Sheet May 31 Assets Liabilities and Equity Cash $ 75,700 Accounts payable $ 245,500 Inventory 547,800 Kendra, Capital 75,600 Cogley, Capital 170,100 Hei, Capital 132,300 Total assets $623,500 Total liabilities and equity 5623,500 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 $421,800. (3) Inventory is sold for $348,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $298,800 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 1 Inventory Required 16) Required 2 Inventory Required 2G 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 $625,800. Smp 1 Datennination of Gain (Loss) Proceeds from the sale of inventory $ 625 800 Inventory cost (547,800) Gain on sale Stop 2) Allocation of the Guin (Loss) to the Partners