Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a...
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Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5.4.1 ratio in percents. Hunter 50%. Folgers 40% and Tulip, 10%). On January 31 the date Tulip retires from the partnership the equities of the partners are Hunter 5390.000, Folgers, $273,000, and Tulip. $195,000 Prepare journal entries to record the retirement of Tulip under independent assumption Assume Tulip is paid $195,000, 5215,000 $165,000 for her equity using partnership cash (Do not round intermediate calculations Round final answers to the nearest whole dollar.) Skipped View transaction list Journal entry worksheet 2 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $165,000 Note: ter det before credits Transaction General Journal I Debit Credit
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