Grapefruit Services started the year with total assets of $90,000 and total liabilities of $55,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $110,000 and $70,000, 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? O $60,000 O $70,000 O $110,000 $15,000