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Vista Camera Services started the year with total assets of $ 120,000 and total liabilities of $ 45,000. The revenues and the expenses for the

Vista Camera Services started the year with total assets of $ 120,000

and total liabilities of $ 45,000.

The revenues and the expenses for the year amounted to $120,000

and $70,000,

respectively. During theyear, the owner did not make any additionalcontributions, but made withdrawals of $40,000.

What is the amount ofowner's equity at the end of theyear?

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