Tyler received 80000.00 dollars in cash from customers for upholstery work. Tyler was owed anther 2500.00 dollars from customers who are not required to pay cash but are billed every 30 days. Tyler paid the following expenses ( in addition to those mentioned prefioiusly). During the first year of business:Upholstry Fabric $40000Other Supplies $10000Wages-Part time asst. $9500Rent $4800Insurance(2 yr Policy) $3200Utlities $2500Misc Expenses $1700Tyler utliity bill for the last month of the year has not arrived.He estimated that the bill will be approx. 320.00. Tyler keeps some stock of upholstry fabric in popular colors on hand for customers who do not want to wait for special order fabric to arrive. At the end of the year about 14000.00 dollars of the fabric purchase during the year was his instore stock. In addition 2300 dollars in supplies has not been used. HOW MUCH PROFIT DID TYLER MAKE IN HIS FIRST YEAR OF BUSINESS?