Saved Help Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Balance Sheet Assets Liabilities 36.51 Cash Inventory $ 100,900 Accounts payable 540,600 $ 255,000 Equity 77,300 173,925 135,275 $ 641,500 Total assets Required: Kendra, Capital Cogley, Capital Mei, Capital $ 641,500 Total liabilities and equity 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 $627,000. 2. Inventory is sold for $429,000. 3. Inventory is sold for $334,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $287,400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 GJ Requad 2 Inventory Required 2 GJ Required 3 Inventory Required 3 GJ Required 4 Inventory Required 4 GJ Prepare journal entries to record the inventory is sold for $627,000. View transaction list