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

Hunter, Fulgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunters, 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 journals entries to record Tulips retirement under each separate assumption where Tulip is paid for his equity using partnership cash of (1) $60,000; (2) 80,000; and (3) 30,000
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