Accounting Partnerships Capital Balances Homework Question Discussion Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a

Accounting Partnerships Capital Balances Homework Question Discussion Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percent’s: Hunter, 50%, Folgers 30%; and Tulip, 20%). On January 31, the date tulip retires from the partnership, the equities of the partners are Hunter 150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record the retirement of Tulip under independent assumptions. Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership cash. Journal entry 1 ($60,000); Journal entry 2 ($80,000) and Journal entry 3 (30,000)