Corporate lawyer also converts duplex

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Reference no: EM1312028

Q. Dane decides to give up a job earning $100,000 every year as a corporate lawyer also converts the duplex that he owns into a UFO museum had been renting the duplex for $20,000 a year. His direct expenses comprise $50,00 every year paid to his assistant also $10,000 for utilities. Fans flock to the museum to see his collection of extraterrestrial paraphernalia, which he could easily sell on eBay for $1,000,000. over the course of the year, the museum brings in revenues of $100,000.

a. Elucidate how much is dance's accounting profit for the year?

b. is Dane earning a economic profit? Elucidate.

Reference no: EM1312028

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