You run a small consulting business, Readyware Solutions, out of your home. During 2024, the business's total revenue was $47,200, wages for a part-time computer programmer were $20,750, costs for business supplies were $2,450, depreciation charges on office furniture and computer supplies were $1,150, and interest payments on a bank loan were $950    

a. Create an income statement for Readyware Solutions for 2024 and calculate the business's annual accounting profit. Annual accounting profit $ b. Readyware Solutions has two implicit costs-a normal profit of $2,300 and wages to yourself of $15,600. How can the business's annual economic profit be derived from its accounting profit? is found by deducting total implicit costs of $ The business's annual economic profit of $ profit of $ from the accounting