Shirly, Curley, and Burley are partners sharing profits and losses 40/40/20 respectively. Their capital balances are:

Shirley	175,000
Curley	300,000
Burley	275,000
	750,000

a. With the approval of all the partners Shirley sells to Furley 25% of his interest for $60,000 while Burley sells 30% of her interest for $70,000. The book value of the net assets is also the fair value. No cash comes into the company. These are personal transactions. Record the entrance of Furley