The Felton and Burchell Partnership has partner capital account balances as follows:

Felton, Capital		$555,000
Burchell, Capital		$235,000

The partners share income and losses in the ratio of 70% to Felton and 30% to Burchell. Prepare the journal entry on the books of the partnership to record the admission of Santos as a new partner under the following three independent circumstances.

(a1)

Santos pays $405,000 to Felton and $147,000 to Burchell for one-half of each of their ownership interests in a personal transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)