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, $320,000; Folgers, $224,000; and Tulip, $160,000.

How can I prepare journal entries of recording the retirement of Tulip? What about if an assumption is based on Tulip paying $160,000, $180,000, and $130,000 for using partnership cash from equity? I am supposed to round the answer to the nearest dollar as a whole.