_____ When a Person Is Being Admitted into a Partnership

Multiple Choice

_____ When a person is being admitted into a partnership and the special profit and loss sharing provision method has been selected,

A) Tangible and/or intangible assets are revalued to their current values.
B) No entries are made in the partnership's books.
C) The new partner receives a full credit to his or her capital account equal to the amount of his or her capital contribution.
D) The new partner may receive a credit to his or her capital account that is more or less than the amount of his or her capital contribution.
E) An entry is made solely within the capital accounts.