Smith quit his job as an auto mechanic earning $ 50,000 per year to start his own business. To save money, he operates his garage out of a small building he owns which, until he started his own business had rented out for $ 10,000 per year. He also owns an apartment which he has rented out for $15,000 per year. He has also invested his $20,000 savings (earning 5% per year) into his business. For first year of his operations total revenue is $ 1, 20,000, employee wages $ 40,000, material cost $15,000 and rental of equipment $5000. Calculate accounting cost, economic cost & economic profit.