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Kendra, Cogley, and Mel share income and loss in a 321 ratio in ratio form Kendra, 3/6, Cogley, 276, and Mei, 1/6) The partners have decided to liquidate their partnership On the day of liquidation, their balance sheet appears as follows Assets Cash Inventory $ 250,000 Balance Sheet Llabilities $93.360 Accounts payable 547,200 Equity Kendra, Capital Copley, Capital Hei, Capital $ 640,50 Total Libilities and equity 76,500 172, 125 133,025 $ 140,500 Tatal assets Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory Prepare jornal entries to record the below transactions (Do not round intermediate calculations. Enter losses and partner deficits, if any, as legative amounts) Inventory is sold for $622,800 2 Inventory is sold for $466 800 3. Inventory is sold for $331,800 and partners with deficits pay their deficit in cash 4. Inventory is sold for $296 400 and partners with deficits do not pay their deficits
LUULIVU amounts.) 1. Inventory is sold for $622,800. 2. Inventory is sold for $466 800. 3. Inventory is sold for $331,800 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $296.400 and partners with deficits do not pay their deficits. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 G Required 4 Required 3 Required 3 G Required 2G) Inventory Inventory Required 4 GB Inventory Inventory Complete the schedule allocating the gain or loss on the sale of Inventory $296,400 and partners with deficits do not pay their deficits. Step 1) Determination of gain (los) Proceeds from the sale of inventory $ 296,400 Inventory cost 547 200 Loss on sale $(250 800) Step 2) Allocation of the gain (loss) to the partners and distribution of deficits) KENDRA COGLEY Initial capital balances S 76,500 $ 172,125 Allocation of gains (losses 376 (125,400) 2/61 (83.600) Capital balances after gains (losses) (48,900) 88,525 Allocation of deficit balance 48.900 376 Capital balances after delict allocation $ 0 $ 88,525 1/6 MEI Total $ 133,875 $382.500 (41.800) (250 800) 92,075 131,700 48.900 $ 92 075 $ 180,600 2/3 < Required 3GJ Required 4 GJ >