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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 $337,551 for P1, $468,881 for P2, and $248,473 for P3. Among these partners on this date, the income sharing ratios are 45.73% for P1, 32.62% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $198,467 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 P4 on Jan 1 using the ASSET REVALUATION method? a. $183,582 b. $198,467 c. $193,505 d. $178,620 e. $188,544

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