Eduardo and Larson enter into a partnership to sell gourmet dog biscuits, but they do not specify how long it will last. Consequently, it will end: a. in twelve months. b. whenever either partner wants to end it. c. in one year, plus one day. d. whenever both partners agree to end it. 6. If a partner withdraws prematurely from a "partnership for a term," that partner has breached the partnership agreement and may be liable for any resulting losses. a. True b. False 7. If the partnership agreement does not indicate how the profits will be shared, the Uniform Partnership Act provides that profits will be shared equally.

Mae jong corp. issues $1,000,000 of 10% bonds payable which may be converted into 10,000 shares of $2 par value ordinary shares. the market rate of interest on similar bonds is 12%. interest is payable annually on december 31, and the bonds were issued for total proceeds of $1,000,000. in accounting for these bonds, mae jong corp. will: (a) first assign a value to the equity component, then determine the liability component. (b) assign no value to the equity component since the conversion privilege is not separable from the bond.(c) first assign a value to the liability component based on the face amount of the bond.(d) use the “with-and-without” method to value the compound instrument.