Suppose you are given the following data for the year ended (in dollars, except where indicated):

Price per unit$8

Number of units sold103,200 units

Rental expense on factory$23,000

Wages paid$120,000

Normal profit$2,000

Forgone job at Firm A$50,000

Forgone job at Firm B$60,000

Owner's money invested in business$50,000

Utilities expense$62,000

Accounting depreciation$30,000

Materials expense$75,000

Economic depreciation$25,000

Interest rate10%

a)Calculate the accounting profit for this firm for the year.

b)Calculate the economic profit for this firm for the year.