1 Part 1 of 3 01:29:43 Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 7,950 Cash withdrawals by owner $ 3,070 17,450 Cash Accounts receivable office supplies Land 17,450 4,200 Consulting revenue Rent expense 4,530 Salaries expense 46,010 19,060 Telephone expense 8,090 880 office equipment Accounts payable Owner investments 690 9,430 Miscellaneous expenses 85,050 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement