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.