Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 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 Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Cash $ 84,600 545,400 $255,500 Inventory 74,900 168,525 131,075 Total assets $630,000 Total liabilities and equity $630,000 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.) 1. Inventory is sold for $609,000. 2. Inventory is sold for $478,800. 3. Inventory is sold for $310,200 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $294,000 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 2 Inventory Required 3 Inventory Required 1 GJ Required 4 Inventory Required 2 GJ Required 3 GJ Required 4 GJ Complete the schedule allocating the gain or loss on the sale of Inventory $294,000 and partners with deficits do not pay their deficits. Step 1) Determination of gain (loss) Proceeds from the sale of inventory $ 294,000