Question: Submit Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:32 ratio (in percents: Hunter, 50%; Folgers, 30%, and

Submit Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:32 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, $370,000 Folgers, $259,000; and Tulip. $185,000. Prepare journal entries to record the retirement of Tulip under independent assumption Assume Tulip is paid $185,000, $205,000, $155,000 for her equity using partnership cash. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet

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