QUESTION 24 White, Gray, and Greene enter into a contract to form a partnership, but the contract says nothing about the sharing of profits and losses. Which of the following will take place? a. Profits and losses will be shared equally. Ob. Profits will be shared equally; losses will be absorbed based on dollar amount of capital investment Oc. Profits and losses will be shared in a ratio based on the dollar amount of their capital investments. Od. Profits will be based on amount of time cach partner spends working for the firm; losses will be shared equally. QUESTION 25 The form of business association known as a partnership can be traced to ancient Babylonia and classical Greece and was used in England during the Middle Ages. True False