Riley Company began operations on August 1,2026 and entered into the following transactions during 2026: 1. On August 1, Riley Company sold common stock to owners in the ansount of $60,000 and borrowed $48,000 from a local bank on a 10 -month, 10% note payable. 2. On August 14 , Riley Company purchased inventory for $42,000 cash. 3. On September 1. Riley Company purchased a 3-year insurance policy for $27,600 cash. 4. On September 19, Riley Company purchased land for $30,000 cash. 5. On October 28, Riley Company sold two-thirds of the-inventory that was purchased on August 14 to a customer for $62,000 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On December 31 , Riley recorded all necessary adjusting entries. Calculate the amount of total expenses reported in Riley Company's 2026 income statement after all of the above transactions have been recorded and posted