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

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.

Required

Prepare journal entries for (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment

of liabilities at book value, and (d) the distribution of cash in each of the following separate cases:

Inventory is sold for (1) $625,200; (2) $452,400; (3) $321,000 and any partners with capital deficits pay

in the amount of their deficits; and (4) $249,000 and the partners have no assets other than those invested

in the partnership. (Round to the nearest dollar.)