Exercise 12-12 Retirement of partner LO P4 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, $150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership cash. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 11 2 3 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $60,000. Note: Enter debits before credits. General Journal Debit Credit Transaction (a) Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $80,000. Note: Enter debits before credits. Transaction General Journal Debit Credit (b) Journal entry worksheet