* Requirements 1. 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? 3. Stone is contributing $175,000 in cash and accounts payable of $25,000. Thombs is contributing a building that cost Thombs $65,000. The building's current market value is $90,000. Journalize the contribution of the two partners. Print Done Requirement 3. Stone is contributing $175,000 in cash and accounts payable of $25,000. Thombs is contributing a building that cost Thombs $65.000 The building's current market value is $90,000. 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 Stone's investment Stone is contributing $175,000 in cash and accounts payable of $25,000 Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer Clear All Check Answer 1 part remaining 9