2. Valentine Productions, is a production company plan and produces lighting, staging, music, and subcontracts other area of a full event experience. With over 15 full time staff, their payroll is their biggest cost. The average payroll for each employee is $35,000 per year. Last year they hit it out of the park, and their annual sales were at $5,500,000. Before they could all celebrate the CEO Tim wanted to see their overall gross and net profit margins. Besides their staff, they purchased $100,000 in electrical cords, $50,000 in gaffers tape, and $75,00 in staging & trusses. After all those costs Valentine had other expenses of $50,000 in gas, $100,000 in insurances and permits, $25,000 in advertising, and $80,000 in utilities. What is their Gross & Net Profit