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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 $349,863 for P1, $485,985 for P2, and $257,536 for P3. Among these partners on this date, the income sharing ratios are 46.69% for P1, 31.66% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $205,706 in XYZ Inc for a one-fifth (20%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P3 on Jan 1 using the BONUS method? a. $12,008 b. $12,301 c. $11,422 d. $12,594 e. $11,715

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