Marvin and Wilton are partners with capital balances as follows: Marvin $250,000 and Wilton $300,000. The partners share profit and losses in a 6:4 ratio respectively. On January 1, Smythe is admitted into the partnership for a 35% ownership interest in exchange for an investment of cash into the partnership Required: Prepare the journal entry on January 1 assuming Smythe invests $200,000 into the partnership