Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:4:1...

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Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:4:1 ratio (in percents: Hunter, 50%; Folgers, 40%; and Tulip, 10%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $330,000; Folgers, $231,000; and Tulip, $165,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $165,000, $185,000, $135,000 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 1 2 3 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $165,000. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit Record entry Clear entry View general journal > Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:4:1 ratio (in percents: Hunter, 50%; Folgers, 40%; and Tulip, 10%). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $330,000; Folgers, $231,000; and Tulip, $165,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $165,000, $185,000, $135,000 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 1 2 3 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $165,000. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit Record entry Clear entry View general journal >