record the sale inventory

allocate the gain(loss) on the sale of inventory to the partners

record the payment of the liabilities

record the disbursement of the remaining cash to the partners

record the sale inventory

allocate the gain(loss) on the sale of inventory to the partners

record the payment of the liabilities

record the disbursement of the remaining cash to the partners

record the sale inventory

allocate the gain(loss) on the sale of inventory to the partners

record the payment of the liabilities

record the disbursement of the remaining cash to the partners

(a) record the sale of inventory for $284,400

(b-1) record the allocation of the gain or loss on the sale of inventory to the partners

(b-2) assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners

(c) record the payment of the liabilities

(d) record the disbursement of the remaining cash to the partner(s)

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 MEI Balance Sheet May 31 Liabilities and Equity Cash Inventory 85,200 Acounts payable 47,800 Kendra, Capital Cogley, Capital $252,500 76,100 171,225 133,175 $633,000 Mei. Capital Total assets 633,000 Total liabilities and equity 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 $627,600. (2) Inventory is sold for $421,800. (3) Inventory is sold for $337,200 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $284,400 and the partners have no assets other than those invested in the partnership. Required 1Required 1G) Inventory Required 3Required 3 G) Required 2 Inventory Required 2 nventory Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $627,600 of Gain S 627,600 Proceeds from the sale of inventory Inventory cost Step 2) Allocation of the Gain (Loss) to the Partners. KENDRA COGLEY MEI Total $ 76,100171,225 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) S 133,175 S 380,500 $ 76,100 S 171,225 S 133.175 S 380,500 Required Required 1 GJ Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 1 G Required 2 Inventory Required3 Required 2 GInventory Required 4 Inventony Required 3 GJ Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $421,800 Step 1) Proceeds from the sale of inventory Inventory cost n of Gain (Loss) 421,800 Step 2) Allocation of the gain (Loss) to the Partners. KENDRA COGLEY MEI Total $ 76.100 171,225 133,175 $133,175 $ 380,500 Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) $ 76.100 $133,175 380,500 Required 10J Required 2 > Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Complete the schedule allocating the gain or loss on the sale of inventory is $337,200 and any partners with capital deficits pay in the amount of their deficits. P 1) Det Proceeds from the sale of inventory Inventory cost of Gain (Loss) S 337,200 tep 2) Allocation of the Gain (Loss) to the Partners MEI 133,175 380,500 KENDRA COGLEY Total Initial capital balances Allocation of gains (losses) Capital balances after gains (losses) S 76,100 $ 171,225 $76,100 $ 133,175S 380,500