Show me the steps to solve : Grapefruit Services started the year with total assets of $$120,000$ and total liabilities of $$45,000.$ The company is a sole proprietorship. The revenues and the expenses for the year amounted to $$120,000$ and $$50,000,$ respectively. During the year, there were no new capital contributions and the owner withdrew $$60,000.$ What is the amount of owner's equity at the end of the year?

Please format this fill in the blank question answer as follows with no decimals or spaces. Please make sure to follow the correct dollar sign, comma, and spacing requirements:

$X

$XX

$XXX

$X$,$XXX

$XX$,$XXX

$XXX$,$XXX

$X$,$XXX$,$XXX

So for example, if the answer is $34520,$ you need to format it correctly as $$$$34,520.$ Failure to follow this format will result in an incorrect answer.