Question 2 9 pts IYQ 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 $449,000 and borrowed $76,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $150,000 by paying $43,000 in cash and agreeing to pay the remainder within 90 days. July 31: IYQ Company earned and received $11,000 of interest on its bank accounts in July. August 1: IYQ sold the land purchased on June 1 for $199,000 cash. August 18: Purchased inventory costing $83,000 on account. November 2: Sold one-half of the inventory purchased on August 18 for $126,000. 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 and paid a $38,000 bill for advertising done during the month of November. Calculate the amount of net income reported in IYQ Company's 2019 income statement