Spade and Thress are forming a partnership, Vintage Leather Goods, to import marchandise from Ireland. Spade is especially artistic and will travel to treland to buy the merchandise. Thress 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 proft-and-loss-sharing ratios, the profits or losses are shared Requirement 3. Spade is contributing $195,000 in cash and accounts payable of $15,000. Thress is contributing a building that cost Thress $100,000. The building's current market value is $130,000. 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 joumalizing Spade's investment Spade is contributing $195,000 in cash and accounts payable of $15,000 Choose from any list or enter any number in the input fields and then continue to the next question.