Hunter, Folgers, and Terry have been partners while sharing profits and losses in a ratio...
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Accounting
Hunter, Folgers, and Terry have been partners while sharing profits and losses in a ratio of 5:3:2. On January 31, the date Terry retires from the partnership, the capital accounts of the partners are Hunter, $150,000; Folgers, $100,000; and Terry, $80,000. Prepare journal entries to record Terrys retirement under each of the following separate assumptions:
Terry is paid for her equity using partnership cash of (1) $80,000; (2) $92,000; and (3) $70,000.
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