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, $370,000; Folgers, $259,000; and Tulip, $185,000.

Prepare journal entries to record the retirement of Tulip under the following independent assumptions

Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $155,000.