Cannon Corporation experienced the following transactions this year. Purchased equipment with $12,000 cash. Paid $5,000 utility bill. Incurred legal fees on credit totaling $8,000. Purchased 12 months of insurance for $10,000 cash. Paid back a loan balance of $3.500. What expenses are immediately recognized as a result of these transactions? $27,000. O $13,000. O $16,500. O $26,500.