Kendra, Cogley, and Mel 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 MET Balance Sheet May 31 Assets Cash Inventory $ 83,900 555,600 Liabilities and Equity Accounts payable Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity $256,500 76,600 172,350 134,050 $639,500 Total assets $639,500 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 $621,000. (2) Inventory is sold for $429,600, (3) Inventory is sold for $325,800 and any partners with capital deficits pay in the amount of their deficits, (4) Inventory is sold for $241,200 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 G) Required 2 Inventory Required 2G) Required 3 Inventory Required 3 G Required 4 Inventory Required 4 ) Complete the schedule allocating the gain or loss on the sale of inventory is $325,800 and any partners with capital deficits pay in the amount of their deficits Stop 1) Determination of Gain (Loss) Proceeds from the sale of inventory Inventory cost $ 325,800 COGLEY $ 172 350 Step 2) Allocation of the Gain (Loss) to the Partners KENDRA Initial capital balances $ 76,600 Allocation of gains (losses) Capital balances after gains (losses) $ 76,600 MEI 134,050 $ Total 383.000 5 $ 172.350 S 134,050 383.000 Required 4 Inventory Required 4 G Required 3 G) Required 3 Inventory Required 2 G) Required 2 Inventory Required 1 Inventory Required 1 G) Prepare journal entries to record the inventory is sold for $325,800 and any partners with capital deficits pay in the amou deficits. View transaction list Journal entry worksheet Required 1 Inventory Required 2 Inventory Required 2 G) Required 3 G) Required 3 Inventory Required 16 Required 4 G Required 4 Inventory Prepare journal entries to record the inventory is sold for $241,200 and the partners have no assets other than the partnership View transaction list Journal entry worksheet 4