You and your friend Ron opened a law firm last year (a partnership). You contributed $500,000, while Ron contributed $1,500,000. Now the firm assets have grown considerably and are now worth in total $5 million. However, the firm owes creditors $8 million, so the firm is in default. How much would you need to come up with from your personal assets to repay the leftover debt after liquidating firm assets? (Hint: first figure out what percentage you are liable for) $8 million $750,000 $3 million $500,000