A few years ago, a Professor earning $40,000 at a college quit his job and decided to open his own painting company. He took $50,000 out of his retirement account earning 10% per year. When computing his accounting profit he expensed his one employee for $25,000 and his material costs of $100,000. Suppose he generated $200,000 in sales. Calculate the accounting profit and economic profit for the business.

a. 75,000; 30,000

b. 75,000; 35,000

c. 75,000; -15,000

d. 70,000; $35,000

e. None of the above