Blue Dog Pet store is famous for fashion collars and other high-end pet supplies. At the end of a recent year, Blue Dog's total assets added up to \$48,000,000, and liabilities were \$32,000,000. How much was Blue Dog's equity?
1. \$16,000,000
2. \$32,000,000
3. \$48,000,000
4. \$80,000,000