Kendra Cogley and Mei share income and loss in a

Kendra Cogley and Mei share income and loss in a

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.)

Kendra Cogley and Mei share income and loss in a

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loss-in-a/

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