People First Consulting Pty Ltd started the year with total assets of $80,000 and total liabilities of $40,000. During the year the business earned $150,000 in income, incurred $95,000 in expenses and dividends of $20,000 were paid. What was People First Consulting Pty Ltd's equity at the end of the period?

a) $20,000

b) $40,000

c) $45,000

d) $75,000