On the first day of the new year to get her business started, thw owner/photographer of Exquisite Protraits Inc. paid $200 for business cards, $1,000 for a listing in Yellow Pages, and $250 for an annual business license. She also leased a professional portait camera and studio lighting equipment by signing an agreement to pay a monthly lease of $1,000 each month for the next 12 months. This lease is ironclad: She must pay for all 12 months and she cannot sublease to anyone else. She rents her office and studio for $1,400 per month that must be paid at the beginning of each month. She rents her office and studio for $1,400 per month that must be paid at the beginning of each month. She does not have a lease on the office/studio, so she can vacate the office/studio at the end of any month should she decide to move to a new location or out of business. After she opens the office/studio on the first day of each month, her monthly cost of electricity for lighting the office and running her coffee machine is constant at $45 per month, because she always keeps the lights on in the office and drinks the same amount of coffee no matter how many photos she shoots each month. Additional electricity is required for the portrait studio lights, which varies directly with the number of hours the lights are use each month for photo sessions. Last year, before starting this business, the owner of Excuisite Portraits Inc. earned a salary of $5,000 per month working at a bank. Answer the following question about the costs for Exquisite Portraits Inc.:If the owner if Exquisite Portraits Inc. wants to close her studio and go out of business at the end of August, identify her sunk costs and avoidable costs.Please provide detail solutions to have this problem was solved. I attached notes from the chapter.