P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $362,175 for P1, $503,089 for P2, and $266,599 for P3. Among these partners on this date, the income sharing ratios are 47.65% for P1, 30.70% for P2, and the remainder for P3. On Jan 1, Year 6, a new partner P4 invests $212,945 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 P3 on Jan 1 using the ASSET REVALUATION method?

a.

$54,574

b.

$59,122

c.

$57,606

d.

$60,638

e.

$56,090