Question: Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip,

Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $320,000; Folgers, $224,000; and Tulip, $160,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $160,000, $180,000, $130,000 for her equity using partnership cash. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)

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