• Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $170,000.
• Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $120,000.

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, $300,000; Folgers, $210,000; and Tulip, $150,000. Prepare journal entries to record the retirement of Tulip under independent assumption. Assume Tulip is paid $150,000, $170,000, $120,000 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 $150,000