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How much capital will be credited or debited

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Question - P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $152,871 for P1, $212,321 for P2, and $112,528 for P3. Among these partners on this date, the income sharing ratios are 31.33% for P1, 47.02% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $89,882 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?

Reference no: EM133131488

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