Stander and Tabares are forming a partnership. Best Leather Goods, to import merchandise from ltaly. Stander is especially artistic and will travel to Italy to buy the merchandise. Tabares 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 aareement 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. Stander is contributing $120,000 in cash and accounts payable of $20,000. Tabares is contributing a building that cost Tabares $80,000. The building's current market value is $100,000. 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 Stander's investment. Stander is contributing $120,000 in cash and accounts payable of $20,000 Journalize Tabares' investment. Tabares is contributing a building that cost Tabares $80,000. The building's current market value is $100.000