Use the following data to work Problems 8 and 9. Lee is a computer programmer who earned $35,000 in 2011. But on January 1, 2012, Lee opened a body board manufacturing business. At the end of the first year of operation, he submitted the following information to his accountant: He stopped renting out his cottage for $3,500 a year and used it as his factory. The market value of the cottage increased from $70,000 to $71,000. He spent $50,000 on materials, phone, etc. He leased machines for $10,000 a year. He paid $15,000 in wages. He used $10,000 from his savings account, which earns 5 percent a year interest. He borrowed $40,000 at 10 percent a year. He sold $160,000 worth of body boards. Normal profit is $25,000 a year. 8. Calculate Lees opportunity cost of production and his economic profit. 9. Lees accountant recorded the depreciation on his cottage during 2012 as $7,000. According to the accountant, what profit did Lee make?