P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year...
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P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $177,495 for P1. $246529 for P2, and $130,654 for P3. Among these partners on this date, the income sharing ratios are 33.25% for P1, 45.10% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $104,360 in XVZ 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 P1 on Jan 1 using the BONUS method? O a. $8,898 O b. $9.354 . $9,811 O d. $9,583 O e $9,126 P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $177,495 for P1. $246529 for P2, and $130,654 for P3. Among these partners on this date, the income sharing ratios are 33.25% for P1, 45.10% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $104,360 in XVZ 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 P1 on Jan 1 using the BONUS method? O a. $8,898 O b. $9.354 . $9,811 O d. $9,583 O e $9,126
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P1 Capital 177495 Add P2 Capital 246529 Add P3 Capital 130654 ... View the full answer
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