Write True if the statement is correct or False if the statement is incorrect. 1. Dissolution is the process of winding up and discontinuing a partnership. 2. A partner may, with the consent of the majority of the other partners, sell his interest to an outsider. 3. A partnership is dissolved whenever a new partner is accepted in the firm. 4. Admission by investment is a method of admission of a new partner that increases the tangible assets of the firm. 5. In admission of a new partner in the partnership, the total contributed capital represents the sum of the capital contributions of the existing partners and the contribution of the new partner. 6. Admission by purchase of interest is deemed a personal transaction between the partner who sells his interest to a third party who thereby becomes a partner. 7. The total agreed capital is always equal to the total investments of the partners. 8. Bonus represents a contribution made by one partner to the credit of another, which results to an increase or decrease in partner's capital account. 9. Bonus is evident when the total agreed capital exceeds the total contributed capital. 10.The assets of the partnership must be revalued before the retirement or withdrawal of a partner from the partnership