Daniel is admitted to the partnership of Johnson & Smith and makes an initial capital contribution of $50,000. Two years later, when liabilities of the partnership exceed its assets by $20,000, the firm is dissolved. Johnson had loaned the firm $5,000 six months before Daniel was admitted; Smith had loaned the firm $8,000 three months after Daniel was admitted. Daniel has: a. no liability to Smith. b. liability to Johnson and Smith only to the extent of his capital contribution. c. liability to Johnson to the extent of his capital contribution and is personally liable to Smith. d. no liability to Johnson