Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio in ratio form: Kendra, 3/6 Cogley, 276, and Mel, 16). The partners have decided to liquidate their partnership on the day of liquidation, their balance sheet appears as follows Balance sheet Assets Liabilities $ 32,500 Accounts payable $250.000 Inventory 540,000 quity Kendra, Capital 74,900 caglay. Capital 168,525 Hei, Capital 131,025 Total assets 5632,500 Total liabilities and equity 1632,500 cash Sook arences 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 $621000. 2. Inventory is sold for $439,200 3. Inventory is sold for $301.200 and partners with deficits pay their deficits in cash 4. Inventory is sold for $245,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 4 Required 1 Required 1 GJ Required 2 Required 2 G Required 3 Inventory Required) Inventory Inventory Complete the schedule allocating the gain or loss on the sale of inventory is 5621,000. Vy DUU TUMU. 2. Inventory is sold for $439,200, 3. Inventory is sold for $301,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $245,400 and partners with delicits do not pay their deficits. 71 Complete this question by entering your answers in the tabs below. Required Inventory Required 4 ) Required 1 Required 16 Required 2 Inventory Inventory Required 2 @ Pengur Required 3 G Complete the schedule allocating the gain or loss on the sale of Inventory is $621,000. Stap 1) Determination of Gain (Loss Proceeds from the sale of inventory $ 621,000 Inventory cost Stop 7) Allocation of the Gain Lions) to the Partners KENDRA Initial capital balances 5 74,900 Allocation of in losses) Capital balances after gains coses) COGLEY $ 168.525 MEI 131,075 3 Total 374,500 $ Clouured eventury Required 1 GJ > 7 Required 1 Inventory Required 1 G Required 2 Inventory Required 2 Required 3 Inventory Required 3 G Required 4 Inventory Required 4 G) 32 aints Prepare journal entries to record the inventory is sold for $621,000 View transaction list 8 0152 Journal entry worksheet 3 eBook 1 2 Record the sale of inventory ASK References Note: Edebits before credit General Journal Debit Credit Transaction (a) Record entry Clear entry View general Journal TO 4. Inventory is sold for $245,400 and partners with deficits do not pay their deficits, Complete this question by entering your answers in the tabs below. Required 4 Inventory Required Required 1 Inventory Required 16) Required 2 Required 3 Inventory Required 2 G Inventory Required 3 J Complete the schedule allocating the gain or loss on the sale of inventory is $439,200. Step 1) Determination of Gain (105) Proceeds from the sale of inventory 439,200 Inventory cost Step 2) Allocation of the pain (1.0ss) to the Partners MEI Total KENDRA $ 74,900 COGLEY $ 168,525 $ 131,075 $ 374,500 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) Prepare journal entries to record the inventory is sold for $439,200. View transaction ist 15238 Journal entry worksheet 1 2 Book Record the sale of inventory ASK Not: Enter debits before credits 0 rences Transaction General Journal Debit Credit Record entry Clear entry View general Journal
