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, $310,000; Folgers, $217,000; and Tulip, $155,000.

Prepare journal entries to record the retirement of Tulip under independent assumption.

Assume Tulip is paid $155,000, $175,000, $125,000 for her equity using partnership cash. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)

No	Transaction	General Journal	Debit	Credit
1	(a)	Tulip, Capital	155,000
		Cash		155,000
2	(b)	Tulip, Capital
		Hunter, Capital
		Folgers, Capital
3	(c)	Tulip, Capital
		Hunter, Capital
		Folgers, Capital
		Cash