QUESTION 49 In a partnership, mutual agency means the act of any partner is binding on all other partners, only if partners act within their scope of authority each partner acts on behalf of the partnership when engaging in partnership business each partner acts on his own behalf when engaging in partnership business that partners must pay taxes on a mutual or combined basis QUESTION 50 If Merril Company issues 9,000 shares of $5 par value common stock for $160,000, the account Paid-in Capital in Excess of Par will be credited for $160,000 Common Stock will be credited for $45.000 Cash will be debited for $115.000 Paid-in Capital in Excess of Par will be credited for $45,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers