[单选题]
Which of the following statements is true?I. In the formation of a partnership, assets are recorded at the lower of cost (book value) or fair market value.II. When a new partner is admitted to an existing partnership by "bonus," the new partner's capital account is always credited for the amount of the investment.III. According to the ABC partnership agreement, each partner is to receive a yearly salary of USD50,000. During Year 1, the partnership reported a net loss of USD20,000. In the year-end profit/loss distribution, a salary of USD50,000 should still be allocated to each partner.
A .III only.
B .I and II only.
C .II and III only.
D .I only.
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