ImagineTom'sannual salaryas anassistant store manageris $30000, heownsabuildingthatrentsfor $10000yearly and your financial assets generate P30,000 per year in interest. On New Year's Day, after deciding to be your own boss, evict your tenants, and use your financial assets to establish a pork & chicken grill.

At the end of the year, your books tell the following story. Total Sales Revenue P 1,300,000 Cost of Sales 850,000 Employee wages 200,000 Utilities 50,000 Taxes 50,000 Advertising expenses 100,000 Total (Explicit) Costs 1,250,000 Net (Accounting) Profit P 50,000 "Hold just a moment," you say. You forgot to subtract my implicit costs. Being in this business caused me to lose as income: Salary P( 280,000) Rent ( 10,000) Interest ( 3,000) Total Implicit costs ( 41,000)

Give a comparative computation for economic profit and accounting profit.