Spade and Talas are forming a partnership. Black Leather Goods, to import merchandise from Spain Spade is especially artistic and will travel to Spain to buy the merchandise. Talas 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. Spade la contributing 5140,000 in cash and accounts payable of 530.000 Tales is contributing a building that cost Talas $60,000 The building's current market vakio in 585.000. Journalize the contribution of the two partners (Record dobits first thon credis Soloct the explanation on the last line of the journal entry table) Begin by journalizing Spado's investment Spade is contributing 5140,000 in cash and accounts payable of $30,000 Accounts and Explanation Date Debit Credit Journaliko Talos investment. Talas is contributing a building that cos Tales 560 000 The building's current market value is 505,000 Date Accounts and Explanation Debit Credit - - 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. Spade is contributing $140,000 in cash and accounts payable of $30,000. Talas is contributing a building that cost Talas $60.000 The building's current market value is $85,000 Journalize the contribution of the two partners Print Done