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

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, $310,000; Folgers, $217,000; and Tulip, $155,000.
Prepare journal entries to record the retirement of Tulip under the following independent assumptions.
Assume Tulip is paid $155,000,$175,000,$125,000 for her equity using partnership cash.
Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar.
Hunter, Folgers, and Tulip have been partners while sharing net income

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