Your friend and colleague has been working for about a year since graduating from university. He has come to you for advice on his saving and spending habits. You have accumulated the following information on his savings and spending that has occurred over the past year: Salary received over the last year, net of income tax ..............................$45,000 Rent and utilities paid ................................................................... 16,600 Car expenses paid ..........................................................................4,800 Credit card debt at the start of the year ................................................1,000 Food, entertainment, recreation paid ...................................................6,000 Credit card debt at the end of the year .................................................2,500 Line of credit at the start of the year ...................................................2,500 Line of credit at the end of the year ....................................................1,200 Purchase of car ............................................................................20,000 Car loan at the end of the year .........................................................15,000 Cash account, beginning of year ............................................................500 Cash received from disposal of motorcycle .............................................1,000 Cash received from disposal of computer ...........