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

Felton, Capital	$550,000
Burchell, Capital	200,000

The partners share income and losses in the ratio of 60% to Felton and 40% 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 circumstance.

Santos pays $400,000 to Felton and $150,000 to Burchell for one-half of each of their ownership interest in a personal transaction.