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Present journal entries to record tulip retirement

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Question: Holland, Flowers, 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 Holland, $350,000; Flowers, $240,000; and Tulip, $180,000. Present journal entries to record Tulip's retirement under each of the following separate assumptions: Tulip is paid for her equity using partnership cash of

(1) $180,000;

(2) $200,000; and

(3) $150,000.

Reference no: EM131534317

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