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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 amount 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 $27,000 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 assets reported in Riley Company's December 31, 2026 balance sheet after all of the above transactions have been recorded and posted.

Riley Company began operations on August 1, 2026 and entered thto the following transactions during 2026 : 1. On August 1, Riley Company sold comnon stock to owners in the aroount of $60,000 and borroned $48,609 from a local bank on o 10-eonth, 10% note payable. 2. On August 14, Ritey Company purchased inventory for 542,000 cash. 3. On September 1, Riley Coapany purchased a 3-year insurance policy for $27,009 cash. 4. On September 19, Ritey Company purchased land for 530,000 cosh. 5. On October 28, Riley Company sold two-thirds of the inventory that was purchased on August 14 to a customer for $62,060 cash. 6. On December 3, Riley Company sold the land that was purchased on September 19 for $19,000 cash. 7. On Decenber 31, Riley recorded all necessary odjusting entries. Calculate the anount of total assets reported in Riley Coapany's Decenber 31, 2026 balonce sheet after all of the above transactions have been recorded and posted

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