1)If a partner invests noncash assets in a partnership, they should be recorded by the partnership at their fair value. Select one: True False 2)The personal assets, liabilities, and personal transactions of partners are excluded from the accounting records of the partnership. Select one: True False 3)A bonus to the remaining partners results when a retiring partner receives partnership assets which are less than his or her capital balance on the date of withdrawal Select one: True False 4)The partners' drawing accounts are closed each period into the Income Summary account. Select one: True False 5)In an admission of a partner by investment of assets, the total net assets and total capital of the partnership do change. Select one: True False 6)Total partners' equity of a partnership is equal to the sum of all partners' capital account balances. Select one: True False 7)partner salary iIs closed with income summary as expenses in the end of the year Select one: True False