B. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? 1. A) $90,000 2. B) $120,000 3. C) $45,000 4. D) $50,000