Which of the following statements is correct:

1. A personal transaction is a transaction that is made between an existing partner and the partnership of the business entity.

2. When revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is then closed off to the accounts of the existing partners according to their existing profit-sharing ratio.

3. The selling price of a partnership is determined by the cost price of the partnership.

4. Goodwill is excluded in the calculation when determining the fair value of a partnership.