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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 $386,799 for P1, $257,885 for P2, and $322,351 for P3. Among these partners on this date, the income sharing ratios are 49.57% for P1, 28.78% for P2, and the remainder for P3. On Jan 1, Year 6, P1 will retire from the partnership and will be paid $465,591 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. $44,966 b. $46,090 c. $48,338 d. $49,463 e. $47,214

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