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P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31,...

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Accounting

P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $312,927 for P1, $208,631 for P2, and $260,785 for P3. Among these partners on this date, the income sharing ratios are 43.81% for P1, 34.54% for P2, and the remainder for P3. On Jan 1, Year 6, P1 will retire from the partnership and will be paid $376,671 as a return of capital. In the journal entry to record the retirement, how much capital will be credited or debited to P2 on Jan 1 using the BONUS method? a. $42,122 b. $41,143 c. $39,183 d. $40,163 e. $43,102

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