?mun?. 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) lmentory is sold for $619,800. Step 1) Determination of gain (loss) Proceeds from the sale of inventory $ 619,800 Inventory Cost X X Step 2) Allocation of the gain (loss) to the partners KENDRA COGLEY Initial capital balances $ 74,300 $ 167,175 Allocation of gains (losses) X X X X Capital balances after gains (losses) *Red text indicates no response was expected in a cell or a formula?based calculation is incorrect; no points deducted. Transaction General Journal Debit Credit (8) X X X X (b) X X X X X (C) X X X (d) X XXXX XX XXX $ MEI 130,025 X $ Total 37 37
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