Question

Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Present journal entries to record Tulip’s retirement under each of the following separate assumptions: Tulip is paid for her equity using partnership cash of
(1) $ 60,000;
(2) $ 80,000;
(3) $ 30,000.



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  • CreatedNovember 26, 2013
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