Suppose you decided to open your own bakery business. At the start of the year you took $21,533 out of you saving account, where the money had been earning an interest rate of7%, and you used it to purchase ovens and other equipment needed for the bakery. You also quit your job where you were earning $58,857 per year. Over the course of the year you spent $8,209 on ingredients like flour and sugar, $45,718 on the salaries of two employees, $21,902 on rent for you bakery space and $13,180 on other miscellaneous like electricity, packaging and office supplies. Over the course of the year you sold 21,963 bakery items (cakes, pies and so on) at an average price of $8 each. What was your accounting profit last year