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 $103,900 Accounts payable $258,000Inventory 537,600 Kendra, Capital 76,700Cogley, Capital 172,575Mei, Capital 134,225Total assets $641,500 Total liabilities and equity $641,500Required: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.(1) The inventory is sold for $608,400.(2) Inventory is sold for $469,200.(3) Inventory is sold for $358,800 and any partners with capital deficits pay in the number of their deficits.(4) Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.