Holland, Flowers, 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 Holland, $150,000;

Flowers, $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; and (3) $30,000.

AppendixLO1