A partnership agreement is B An unincorporated association of two or more persons to carry on a business for profit as co-owners. The agreement between partners that sets forth the terms under which the affairs of a partnership will be conducted D The legal relationship among the partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the apparent scope of the partnership's business. The legal relationship among general partners of a partnership that makes each general partner responsible for paying all the debts of the partnership if the other partners are unable to pay their shares E The agreement that protects all the partners of a partnership from unlimited liability for the partnership debts. 28 of 50 When a corporation calls in its outstanding shares and issues more than one new share in exchange for each old share, this is a: A Share dividend. B Liquidating dividend Share split. D Cash dividend. E Reverse share split. When a new partner is added to a partnership B The partnership ends, but the underlying business continues. The underlying business continues. The underlying business ends. D The partnership ends. E The partnership continues. Bruce Corporation issued 8,000 common shares in exchange for land that has a fair market value of $184,000. The entry to record this transaction would include E. B A credit to Land for $184,000 A debit to Common Shares for $184,000 A debit to Land for $8,000 D A credit to Common Shares for $184,000 E A debit to Common Shares for $8,000