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Q4 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting rm. J.C. Accounting earned total revenue $680000 in rst year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wages given to workers were $158229 in a year. The interest forgone for the invested unds was $22000 per year. James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered $26985 per year to train employees in another rm. Two students assist him managing his account books for which they are paid $6550 each per year. Find accounting profits and economic prots for J .C. Accounting rm. Should James Collier stay in his business? Why? 12 marks Explicit costs = Implicit costs = Economic costs = Accounting prots = Economic prots = Should James Collier stay in his business? Why