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20 of 27 (19 complete) This Test: 100 pts possib Sandler and Torres are forming a partnership, Modern Leather Goods, to import merchandise from Europe. Sandler is especially artistic and will travel to Europe to buy the merchandise. Torres is a super salesman and has already lined up several department stores to sell the leather goods. Read the requirements. Requirement 1. What is the purpose of the partnership agreement? The purpose of the partnership agreement is to Requirement 2. If the partnership agreement does not state the profit-and-loss-sharing ratios, how will profits or losses be shared? If the partnership agreement does not state the profit-and-loss-sharing ratios, the profits or losses are shared Requirement 3. Sandler is contributing $200,000 in cash and accounts payable of $20,000. Torres is contributing a building that cost Torres $80,000. The building's current market value is $85,000. Journalize the contribution of the two partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Sandler's investment. Sandler is contributing $200,000 in cash and accounts payable of $20,000. X Date Accounts and Explanation Debit Credit Requirements What is the purpose of the partnership agreement? 2. If the partnership agreement does not state the profit-and-loss-sharing ratios, how will profits or losses be shared? Choose from any list or enter any number in the input fields and then continue to the next question. Sandler is contributing $200,000 in cash and accounts payable of $20.000. Torres is contributing a building that cost Torres $80,000. The building's current market value is $85.000 Journalize the contribution of the two partners. O Type here to search O 36 9:35 AM 10/4/2020