object weighs mg, vector points down from the object's center of mass. if it's hanging around the earth this vector is always there, always draw it, always the full mg value.
object is submerged and 'apparently' loses 5grams of mass. so if you put a scale under it as it sits submerged, part of the force is being counteracted, 5g of weight. so there is a force pointing upwards equal to 5g (g is gravity here not grams btw).
F net = mg - Fbuoy = mg - 5g
note that Fbuoy points up and is located at the object's center of buoyancy, its geometric center (EK says it is where the ctr of mass would be if the object were of uniform density... just something to keep in mind - ctr of mass and ctr of buoyancy do not HAVE to be in the same place). if they're not passing through the same point the object will rotate until they do.
also i didn't convert g to kg i realize bc i'm lazy so the Force you get isn't Newtons at the end. just for what it's worth...