Question 1 (1 point) This semester you decided to open up a donut shop on campus. Your parents invested $1,300 in the business to help you get started. With this money, you buy a fryer on account for $480 dollars and you expect to use it for 2 years its value is $0 after 2 years). You also buy all the ingredients to make the donuts for $800, paid in cash during January. During January, your donut shop sells 550 donuts for $2 each (each donut costs you $1 in ingredients). Your friend helps you prepare and sell the donuts and you pay him $350 for his work during January on February 2nd. What is the profit or loss for your business in January? 1) $200 profit 2) $180 profit 3) $220 loss 4) $570 loss