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Quot Tupper And Tolin Have Decided To Form A Partnership To Provide Environmenta

“Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:Required:1- Prepare the journal entry necessary to record the parents’ contributions.
 
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  4. 1) Which of the following statements is false regarding the liability of partners? A) Each partner is jointly and severally liable on all contracts made by or on behalf of the partnership. B) Each partner is jointly and severally liable for all physical torts committed by a copartner in the course of partnership business. C) Each partner is jointly and severally liable for frauds committed by a copartner in the course of partnership business, even though he or she does not know of or participate in the fraud. D) Where there is joint and several liability, an action may be brought against any one or more of the partners or the partnership.