Mr. X opens a tee shirt manufacturing plant. The t-shirt company pays $50,000 in annual rent, $10,000 in annual insurance, $200,000 in annual labor costs, $150,000 in annual material costs. Mr. X invested $100,000 of his own money into the business to purchase machinery. The $100,000 invested alternatively was earning 10% in annual interest. Mr. X was earning $80,000 annually prior to starting his own business. Total revenue for the firm for year one is $570,000. Determine the firm's accounting profit and economic profit.