Lets put all the pieces together now. Suppose that you are analyzing Martin Company. You know that at the beginning of the year, the assets equaled $320,000 and the liabilities equaled $176,000. During the year, assets increased by $48,000 and owner's equity increased by $27,600. The change in owner's equity includes all increases and decreases. Further analysis reveals that the changes in owner's equity were caused by revenues of $223,200 and expenses totaling $112,320 during the year, and additional owner's investments of $46,800 in the first half of the year. Because of your understanding of the accounting equation, you realize that withdrawals by the owner must have also occurred during the year. However, you must determine the amount for those withdrawals.

What is the amount of withdrawals made to the owner of Martin Company during the year? $