Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei 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. KENDRA, COGLEY, AND HEI Balance Sheet May 31 Liabilities and Equity Assets 253, 000 74, 500 80, 100 Cash ee unts payable Inventory 167, 625 130, 375 S 625, 500 Cogley, Capita1 Mei, Capital $625, 500 Total liabilities and equity 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 $607,200. (2) Inventory is sold for $432,000. (3) Inventory is sold for $313,200 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $244,200 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 3 Inventory Required 1 Inventory Required 2 Inventory Required 4 Inventory Required 1 GJ Required 3 GJ Required 4 GJ Required 2 GJ) Prepare journal entries to record the inventory is sold for $244,200 and the partners have no assets other than those invested in the partnership. View transaction list Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 4 Inventory Required 1 G) Required 2 GJ Required 3 GJ Required 4 GJ Prepare journal entries to record the inventory is sold for $244,200 and the partners have no assets other than those invested in the partnership. View transaction list Journal entry worksheet 1 3 5 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. Note: Enter debits before credits. Transaction General Journal Debit Credit (b-2) Record entry Clear entry View general journal Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a $10,000 cost. On January 3, it is installed on a required operating platform costing $2,000, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 10-6A Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 2 Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date Debit General Journal Credit Dec 31 Record entry View general journal Clear entry Required information Problem 10-6A Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co.purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a $10,000 cost. On January 3, it is installed on a required operating platform costing $2,00O, and it is further readied for operations. The company predicts the machine will be used for six years and have a $17,280 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. Problem 10-6A Part 2 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 1 2 Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Credit Date General Journal Debit Dec 31 View general journal Record entry Clear entry