question 2

Kendra, Cogley, and Mel share income and loss in a 3.2.1 ratio in ratio form:Kendra, 3/6. Cogley 2/6, and Met. 167. The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows Assets Cash Inventory $180,800 537,200 $245,500 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Copley, Capital Mei, Capital Total liabilities and equity 93,000 212,500 167,000 $718,000 Total assets $718,000 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.) Invento cold fartG000 Journal entry worksheet Record the sale of inventory. OR Note: Enter debits before credits. ances Transaction General Journal Debit Credit Journal entry worksheet Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits Transaction General Journal Debit Credit Journal entry worksheet t re Inventory Required 4 eritory Required 3 trwentory Required 4 GB Ge t the schedule at the worloes on the sale of inventory is $500,000 $ 0.000 cathens to the Partners KENORA Total COOLEY $ 212 500 $ 3.000 $ 167 000 $ 472,500 (Required 1 GJ Required 203 > Requr Rewed 2 Reged Inwentory Required 3 Required 4 Reque 46 tetor The store the way sos os Journal entry worksheet Inventory Required 16 Required 2 Twentory Required 2 ) Required 3 Inventory Required 3 Required 4 Triventory Required 4 GB Complete the schedule allocating the gain or loss on the sale of inventory $250,000 and partners with delicts do not pay the de Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 250.00 Total MEI $167.000 472 500 Step 2) Allocation of the Gain (Loss) to the Partners and Distribution of deficits) KENDRA COGLEY Inibal capital balances $ 93 000 $ 212 500 Allocation of gains (losses) Capital balances after gains (lasses) Allocation of deficit balance Capital balances after deficit allocation