You open a new business to sell Michigan State branded masks and invest $200,000 dollars. In the first month of your business, you purchase a kiosk for $48,000 and expect it to have a useful life of 48 months. Before opening you purchase 5,000 masks for $10 cash each. During the month, you sell 1,000 masks at $15 each for cash. An additional 300 masks are sold at $15 each and delivered to the alumni association who promises to pay you next month. You hire your friend to help you work the booth and agree to pay him $500 a month. As of the end of the month, you have not yet paid your friend for the work performed.

How much profit did you earn from your business in the first month of operation?