Identify the following statements either as "true" or "false' and justify your answer in the space giver below. [305 15 MARKS! 1. If a new partner is admitted into a partnership by investment, the total assets and total capital will change. 2. The distribution of cash to partners in a partnershipliquidation is always made based on the partners' income sharing ratio. 3. The death of a major shareholder will effectively terminate a corporation's legal life