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Problem 12-6A Liquidation of a partnership LO P5 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. Asset! Libilities and guity counts 75,500Y Cogley. MoiCapita $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. 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 $612,600. (2) Inventory is sold for $424,200. (3) Inventory is sold for $330,600 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $294,600 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 1G B Required 2G) Pegue Inventory Required 3 Required Required 4 GJ Prepare journal entres to record the inventory is sold for $294,600 and the partners have no assets other than those invested in the partnership

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