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Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2...

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

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

Assume Tulip is paid $155,000, $175,000, $125,000 for her equity using partnership cash.

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Credit Account titles and explanation Tulip Capital Cash Debit 155,000 155,000 Tulip capital Hunter capital (20,000x5/8) Folg

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