Question #4 (5 Marks) Determine whether each of these statements is true or false. # Statement: Answer 1 When a new partner is admitted into a partnership and the new partner receives a share capital credit greater than the tangible assets contributed, the new partner's goodwill has been recognized. 2 The person authorized to manage the General Partnership shall not be responsible for any harm he may cause the Company or for any damage incurred thereby due to his negligence or failure in realizing his duties. 3 Partner's drawings will be a debit entry in the partner's current account. 4 Goodwill is defined as the fair value of actors such as the reputation, location, customer base, expertise, or market position of the business 5 A partner's loan is a part of the partner's capital