dont provide handwritten or image based answer thank you Kendra, Cogley, and Mel share Income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners havedecided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows.Balance SheetAccounts payableKendra, CapitalCogley, CapitalMei, Capital$631,000 Total liabilities and equityCashInventoryAssetsTotal assets$ 89,200541,800Required 1InventoryRequired:For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entriesto record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficits, if any, as negativeamounts.)121. Inventory is sold for $604,200.2. Inventory is sold for $424,200.3. Inventory is sold for $307,800 and partners with deficits pay their deficits in cash.4. Inventory is sold for $262,200 and partners with deficits do not pay their deficits.Required 2InventoryRequired 3InventoryPrepare journal entries to record the inventory is sold for $604,200.View transaction listLiabilitiesComplete this question by entering your answers in the tabs below.Note:Required 1 GJEquityRecord the sale of inventory.Allocate the gain (loss) on the sale of inventory to thepartners.3 Record the payment of the liabilities.4 Record the disbursement of the remaining cash to thepartners.Required 2 GJ= journal entry has been entered$ 246,00077,000173,250134,750$631,000XRequired 3 GJCreditRequired 4Inventory>Required 4 GJ

Please Note: As per the guidelines, only three sub part shall be solved, for the remaining…

Assets Cash Inventory Total assets Balance Sheet Accounts payable Kendra, Capital Cogley, Capital Mei, Capital $631,000 Total liabilities and equity $ 89,200 541,800 Liabilities Equity $ 246,000 77,000 173,250 134,750 $ 631,000 equired: or each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventor record the below transactions. (Do not round Intermediate calculations. Enter losses and partner deficit mounts.)