P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $386,799 for P1, $537,297 for P2, and $284,725 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, a new partner P4 invests $227,423 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 P2 on Jan 1 using the ASSET REVALUATION method?

a. $115,781

b. $118,538

c. $110,268

d. $121,294

e. $113,024