Please discuss briefly on the next 3 questions: Question 1: Jerry is confused about the partnership characteristics of (a) mutual agency and (b) unlimited liability. Briefly explain these two characteristics for Jerry. Question 2: Brent Houghton and Dick Kreibach are considering a business venture. They ask you, as business consultant, to explain the advantages and disadvantages of the partnership vs. corporation form of organization. Please provide them with your advice briefly. Question 3 (higher point question): So far, most chapters we have studied in our financial accounting course, Accounting rules dictate 'Cost Principle', which means historical cost as the main valuation measure. In this Partnership accounting chapter, why are the assets contributed by each partner recorded at their current Market values?