Select the statement about partnerships that is correct.

Select answer from the options below

If equipment that was contributed by a partner is later sold, losses are borne by that partner but gains are shared by all partners.

Partnership assets are individually owned by the partners that contributed them.

If a partnership is dissolved, an asset does not legally return to the partner that contributed it$.$

If a partner contributed an asset to the partnership, when the asset is sold, any gain would go to that partner.