Hunter, Folgers, 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 Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record Tulips retirement under each of the following separate assumptions. (1) Assume Tulip is paid $60,000 for her equity using partnership cash. Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $60,000. 2. Assume Tulip is paid $80,000 for her equity using partnership cash. (Do not round intermediate calculations.)Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $80,000. 3. Assume Tulip is paid $30,000 for her equity using partnership cash. (Do not round intermediate calculations.)Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $30,000.