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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 $251,367 for P1, $349,153 for P2, and $185,032 for P3. Among these partners on this date, the income sharing ratios are 39.01% for P1, 39.34% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $147,794 in XYZ Inc for a one-eighth (12.5%) interest in capital. In the journal entry to admit the new partner P4, how much capital will be credited or debited to P1 on Jan 1 using the ASSET REVALUATION method?

$92,280

$94,709

$99,566

$89,852

$97,137

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