Question: Select the statement about partnerships that is correct. Select answer from the options below Partnership assets are individually owned by the partners that contributed them.

Select the statement about partnerships that is correct. Select answer from the options below Partnership assets are individually owned by the partners that contributed them. If a partner contributed an asset to the partnership, when the asset is sold, any gain would go to that partner. If a partnership is dissolved, an asset does not legally return to the partner that contributed it. If equipment that was contributed by a partner is later sold, losses are borne by that partner but gains are shared by all partners

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