1. A partial income statement from Webfoot Industries, Inc. is shown below: Revenues Revenue from sales of goods and services$29,000,000 Operating costs and expenses: Cost of products and services sold..$15,000,000 Selling expense$2,235,000 Administrative expenss$1,765,000 Total operating costs and expenses Income from operations $10,000,000 $19,000,000 Interest expense (corporate bonds &loans...$475,000 Non-recurring legal expenses. Income taxes Net i $285,000 .. $5,245,000 $3,995,000 Last year, Webfoot owned and occupied an officeQuilding in downtown Portland. The building could have been leased to other businesses for $2,500,000 in lease income. Webfoot also owned undeveloped land valued at $10,000,000. Owners of Webfoot could earn a 6 percent rate of return on funds invested elsewhere a. Last year, Webfoot's total explicit costs of using market-supplied resources were b. Webfoot's total implicit costs of using owner-supplied resources equals $ d. Webfoot's accounting profit was $ c. Total economic cost was $ e. Economic profit was $ f. The Board of Directors believes Webfoot's owners could have earned 8 percent, rather than 6 percent, on funds they could invest elsewhere. At an 8 percent rate of return, economic profit last year was $ 80o,ooo