Question 5 4 pts LPYT Company began operations in 2024 and entered into the following transactions: June 1: Sold common stock to owners for $240,000 cash July 8: Purchased inventory costing $49,000 on account July 22: Purchased land costing $80,000. LPYT Company paid $60,000 cash immediately and agreed to pay the remaining amount later. August 1: Received $23,000 cash from a customer as payment for services to be provided each month, starting in August, for the next 25 months September 1: Purchased a 2-year insurance policy for $48,000 cash October 3: Sold three-fourths of the inventory purchased on July 8 for $90,000 cash November 9: Paid stockholders a dividend in the amount of $10,000 December 14: Sold the land purchased on July 22 for $107,000 cash. December 31: Recorded all necessary adjusting entries for 2024 Calculate the amount of total expenses reported on LPYT Company's 2024 income statement