Stone and Thombs are forming partnership. Salom Leather Goods, to import merchandise from Spain. Stone is especially artistic and will travel to Spain to buy the merchandise. Thombs is a super salesman and has already led up several department stores to see the leather goods Read the Requirement 1. What is the purpose of the partnership agreement? The purpose of the partnership agreement is to 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 Click to select your answer(s) and then click Check Answer. 3 parts remaining