Now assume that you have a client, Hal, who asked your help to find economic profit and accounting profit for him. His information is provided below: - Hal opened a shoe-repair shop last year. During the year 2021, between January and December, Hal's shop brought in $125,000 in revenue. - Hal has two employees, who do most of the shoe repairs, who receive a total salary (added up across the two of them) of $62,500. - Hal paid a total of $33,000 in repair supplies and utilities for the shop. - The market value of Hal '3 equipment and repair machines was $24,000 at the beginning of the year; at the end of the year, the market value was $18,500. - Hal used his own business talent and skills to run the shop; these entrepreneurial skills had an annual value of $39,000. - In addition, Hal spent some of his time working on shoe repairs himself at his shop; it he had spent that time working for another shoe-repair shop instead, he would have earned $33,500 over the year. - If Hal had invested his money in a different investment opportunity, instead of investing in opening his own shoe-repair shop, he would have earned $4,500 in interest on that alternative investment at the end of the year. - Hal's accountant has determined that accounting depreciation on his equipment over the year was $7,500. Complete the following table with correct economic terms in the Item Column and correct numbers in the Amount Column. For economic terms: use the following (already shuffled) economic terms to complete (don't add the bullet point in front of your answer): - Economic Depreciation - Owned by the Firm - Implicit Rental Rate - Supplied by the Owner - Wages - Normal Profit - Bought in the Market For numbers: use a comma as \"a thousands-separator\" and add the "$" sign for your answers. (For instance, if you want to fill in a blank with 5000 dollars, put $5,000 in the blank rather than $5000 or 5,000 or 5000 to avoid mis-matching of correct answers!!!) There are 20 blanks in total. Partial credits will be provided for your partially correct answers. Item Amount Revenue Table 1 1. Costs of Resources Supplies & Utilities Total Expense: 2. Costs of Resources Foregone interest 3. Cost of Resources Forgone Wage Total Owner's Oppor. Cost: Economic Profit Table 2 Accounting Depreciation Accounting ProfitTable 1 jawmwmmawma i2 '13 Table2 '14 Al B D E Item Amount Revenue $125,000 1. Costs of Resources Bought in the Market: Wages $62,500 Supplies and utilities $33,000 Total Expense ' $95,500 2. Costs of Resources Owned by the Firm Economic Depreciation $5,500 Forgone interest $4,500 Implicit Rental Rate $10,000 3. Costs of Resources Supplied by the Owner: Wages $39,000 Forgone wage $33,500 Total Owner's Opportunity Cost $72,500 Economic Profit ($53,000) Accounting Depreciation $7,500 Accounting Profit $22,000