Propier 12-UA LiquiudLion Old Partner SP LUPO 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. Assets Cash Inventory $ 80, 100 545, 400 KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity Accounts payable Kendra, Capital Cogley, Capital Hei, Capital Total liabilities and equity $ 253,000 74,500 167, 625 130,375 3625, 500 Total assets 3625,500 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 $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 1 Inventory Required 1 GJ 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 $607,200. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 607,200 C Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 74,500 Allocation of gains (losses) Capital balances after gains (losses) $ 74,500 OGLEY 167,625 MEI 130,375 Total 372,500 $ $ $ $ 167,625 $ 130,375 $ 372,500 Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G] Required 2 Inventory Required 2G] Required 3 Inventory Required 3 G Required 4 Inventory Required 4 G] Prepare journal entries to record the inventory is sold for $607,200. View transaction list Journal entry worksheet 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 Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2G Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $607,200. View transaction list Journal entry worksheet Required 1 Inventory Required 1 GJ 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 $432,000. View transaction list Journal entry worksheet 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 Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $432,000. View transaction list Journal entry worksheet Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2G) Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $432,000. View transaction list Journal entry worksheet Required 1 Inventory Required 1 GJ Required 2 Inventory Required 2 G 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 $313,200 and any partners with capital deficits pay in the amount of their deficits. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 313,200 Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA Initial capital balances $ 74,500 Allocation of gains (losses) Capital balances after gains (losses) $ 74,500 COGLEY $ 167,625 M $ EI 130,375 Total 372,500 $ $ 167,625 $ 130,375 $ 372.500 Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 G Required 4 Inventory Required 4 G] Prepare journal entries to record the inventory is sold for $313,200 and any partners with capital deficits pay in the amount of their deficits. View transaction list Journal entry worksheet 2 3 4 5 Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Inventory Required 1 G] Required 2 Inventory Required 2G] Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $313,200 and any partners with capital deficits pay in the amount of their deficits. View transaction list Journal entry worksheet
