Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $140,000 and
$50,000, respectively. During the year, there were no new capital contributions and the owner withdrew
$70,000. Calculate the amount of increase or decrease in owner's equity for the year.
A) a $20,000 increase
B) a $80,000 increase
C) a $60,000 decrease
D) a $70,000 increase