E12-7 After the books are closed. Echols & Schaeffer's partnership balance sheet reports cap- ital of $60.000 for Echols and $80,000 for Schaeffer. Echols is withdrawing from the firm. The partners agree to write down partnership assets by $45,000. They have shared profits and losses in the ratio of one-third to Echols and two-thirds to Schaeffer. The partnership agree- ment states that a withdrawing partner will receive assets equal to the book value of his owner's equity. 1. How much will Echols receive? Schaeffer will continue to operate the business as a pro- prietorship. 2. What is Schaeffer's beginning capital on the proprietorship books?