2. Mr. John Smith owns Smith Construction (SC) with his partners Tara and Joachim. They run it as a general partnership, and had an income of $4,850,000 in 2011. Due to the recession in home building construction SC suffers S6,330,000 lost in the same year. Smith, Tara and Joachim have 50%, 30% and 20% ownership of the company respectively. The personal fortunes of each can be in Table 1. What is the ultimate liability of loss among the partners? Show the calculations. (8 pts) Table 1. Personal fortunes of partners in Smith Construction Smith Tara Joachim $850,000 $450,000 $250,000