The total assets and the total liabilities of Paragon Services are shown below. During the year, no additional capital contributions were made, and the business earned net income of $50,000. Assets...

Extracted text: The total assets and the total liabilities of Paragon Services are shown below. During the year, no additional capital contributions were made, and the business earned net income of $50,000. Assets Liabilities Beginning of year $395,000 S290,000 End of year 455,000 320,000 What was the amount of drawings taken during the year? Your answer: S85,000 $40,000 $45,000 S20,000