What you are dealing with in this case is aliasing. As mentioned here : https://dsp.stackexchange.com/questions/2456/alias-frequency-formula, Aliased frequency is the absolute difference between the actual signal frequency and the nearest integer multiple of the sampling frequency.
In your example :
- actual signal frequency = 120000 Hz
- nearest integer multiple of the sampling frequency = 3 * 44100 Hz
The aliased signal will therefore appear as a (3 * 44100) - 120000 = 12300 Hz signal.
Note that to record such a 120 kHz signal, you will need an ultrasonic microphone that can handle such high frequencies, which is not easy to find.