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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. Cash withdrawals by owner $ 3,070 $ 7,950 17,450 4,200 Consulting revenue Cash Accounts receivable Office supplies Land 17,450 Rent expense 4,530 46,010 Salaries expense 8,090 880 19,060 Telephone expense office equipment Accounts payable Owner investments 690 9,430 Miscellaneous expenses 85,050 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ 0 0 0 $