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, COGLY, AND MRI Balance Sheet May 31 Liabilities and Equity $ 79,400 Accounts payable 549,600 Kendra, Capital Cogley, Capital Mei, Capital $629,000 Total liabilities and equity $248,000 76,200 171,450 133, 350 $629,000 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 $600,000 (2) Inventory is sold for $476,400. (3) Inventory is sold for $352,200 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $294,600 and the partners have no assets other than those invested in the partnership Check (1) Inventory is sold for $600,000 (2) Inventory is sold for $476,400. (3) Inventory is sold for $352,200 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $294,600 and the partners have no assets other than those invested in the partnership Complete this question by entering your anstrers in the tabs below. Inventory Required 1 Required 1 Required 2 Required 3 Required 2 G) Inventory Required 4 Inventory Required 3 G) Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $600,000. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 600,000 Inventory cost 549,600 Gain on sale $ 50,400 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total Initial capital balances $ 76.200 $ 171,450 $ 133,350 $ 381,000 Allocation of gains (losses) 3/6 276 1/6 0 Capital balances after gains (losses) $ 76,200 171.450 $ 133,350 $ 381,000 K Required intory Required 10 > Required 3 GJ Required 1 Required 2 Required 1G Inventory Required 3 Required 2G) Inventory Inventory Prepare journal entries to record the inventory is sold for $600,000 Required 4 Inventory Required 4 ) View transaction list Journal entry worksheet Required 1 Inventory Required 1 G) 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 $600,000 View transaction list Journal entry worksheet 1 2 3 4 Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits Transaction General Journal Debit Credit (b) Record entry Clear entry View general Journal cumpre una quesuun wyemeny your answers HELOUS Verw. Check Required 1 Required 16 Required 2 Inventory Required 3 Inventory Required 2G Inventory Prepare journal entries to record the inventory is sold for $600,000. Required 3 G) Required 4 Inventory Required 4 G View transaction list Journal entry worksheet 1 2 3 4 Record the payment of the liabilities. Note: Enter debits before credits General Journal Debit Credit Transaction (c) Record entry Clear entry View general journal Required 1 Inventory Required 1 G) Required 2 Inventory Required 2G) Required 3 Inventory Required 3 G) Required 4 Inventory Required 4 GJ Prepare journal entries to record the inventory is sold for $476,400. View transaction list Journal entry worksheet 1 2 3 4 Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Prepare journal entries to record the inventory is sold for $476,400. View transaction list Journal entry worksheet Prepare journal entries to record the inventory is sold for $476,400. View transaction list Journal entry worksheet Prepare journal entries to record the inventory is sold for $476,400. View transaction list Journal entry worksheet JV (4) Inventory is sold for $294,600 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 Required 2 Required 1 G) Required 3 Inventory Required 2G) Required 4 Inventory Inventory Required 3 G) Inventory Required 4 G) Complete the schedule allocating the gain or loss on the sale of inventory is $352,200 and any partners with capital deficits pay in amount of their deficits. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 352,200 COGLEY $ 171,450 MEI Total 133,350 $ 381,000 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 76,200 Allocation of gains (losses) Capital balances after gains (losses) $ 76,200 $ 0 $ 171.450 $ 133,350 $ 381,000 Help Save & Exit Check Required 1 Required 1 G) Required 2 Required 3 Required 2 G Inventory Required 4 Inventory Inventory Required 3 G) Inventory Required 4 GJ Prepare journal entries to record the inventory is sold for $352,200 and any partners with capital deficits pay in the amount of their deficits. View transaction list Journal entry worksheet Help Save & Ex Che Required 1 Required 2 Required 1 G Inventory Required 3 Inventory Required 2 GJ Inventory Required 4 Required 3 G Inventory Required 4 GJ Prepare journal entries to record the inventory is sold for $352,200 and any partners with capital deficits pay in the amount of their deficits. View transaction list Journal entry worksheet - HW Seved Help Save & Exit Check Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 G) Required 3 Inventory Required 3 G Required 4 Inventory Required 4 ! Prepare journal entries to record the inventory is sold for $294,600 and the partners have no assets other than those invested in the partnership View transaction list Journal entry worksheet 1 2 3 4 5 Record the sale of inventory for $294,600. Note: Enter debits before credits General Journal Debit Credit Transaction (a) View general Journal Clear entry Record entry . Required 1 Required 2 Required 1 GJ Inventory Required 3 Required 2 GJ Inventory Required 4 Inventory Required 3 G) Inventory Required 4 G Prepare journal entries to record the inventory is sold for $294,600 and the partners have no assets other than those invested in the partnership. View transaction list Journal entry worksheet