Exercise 12-12 (Algo) Retirement of partner LO P4 Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:2:3 ratio (in percents: Hunter, 50%; Folgers, 20%; and Tulip, 30%). 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. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list 1 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $155,000. 2 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $175,000. 3 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $125,000. journal entry has been entered Note: Record entry her Credit Clear entry View general journal >