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Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have...

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Accounting

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 Assets Liabilities and Equity Cash $ 83,500 Accounts payable $ 252,500 Inventory 549,000 Kendra, Capital 76,000 Cogley, Capital 171,000 Mei, Capital 133,000 Total assets $ 632,500 Total liabilities and equity $ 632,500 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 $610,200. (2) Inventory is sold for $453,000. (3) Inventory is sold for $352,200 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $246,000 and the partners have no assets other than those invested in the partnership.

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