LPW Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $311,000 and borrowed $69,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $159,000 by paying $59,000 in cash and agreeing to pay the remainder within 90 days. July 31: LPW Company earned and received $24,000 of interest on its bank accounts in July. August 1: LPW sold the land purchased on June 1 for $91,990 cash. August 18: Purchased inventory costing $62,000 on account. November 2: Sold one-half of the inventory purchased on August 18 for $192,000. The customer did not pay any cash at the time of purchase, but did agree to pay the entire balance due within sixty days. November 30: Received a $36,000 bill for advertising done during the month of November. No payment was made at this time. Calculate the amount of net income reported in LPW Company's 2019 income statement