Ahmed Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Ahmed made no additional capital contributions during the year, but did make withdrawals of $50,000. What is the amount of owner's equity at the end of the year?

Select one:

a. $30,000

b. $70,000

c. $120,000

d. $40,000

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