A company started the year with the following financial information: Assets $60,000, Liabilities: $40,000. During the year they recorded the following: revenues of $100,000, expenses of $45,000 and dividends of $5,000. What is the equity balance at the end of the year? Select one: a. $70,000 b. $50,000 c. $60,000 d. $20,000