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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	$	67,300		Accounts payable	$	251,000
Inventory		556,200		Kendra, Capital		74,500
				Cogley, Capital		167,625
				Mei, Capital		130,375
Total assets	$	623,500		Total liabilities and equity	$	623,500

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 should be entered with a minus sign.)

(1)	Inventory is sold for $614,400.

(2)	Inventory is sold for $420,600.

(3)	Inventory is sold for $304,200 and any partners with capital deficits pay in the amount of their deficits.

(4)	Inventory is sold for $281,400 and the partners have no assets other than those invested in the partnership.

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