3 Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,650 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash $15,200 Cash dividends $ 460 k Accounts receivable 12,410 Consulting revenue 12,410 Office supplies 1,770 Rent expense 2,140 aces Land 46,080 Salaries expense 5,300 office equipment 16,450 Telephone expense 750 Accounts payable 6,060 Miscellaneous expenses 560 Common stock 82,650 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet As of October 31 Assets Liabilities Land $ 46,080 Office equipment 16,450 Accounts payable 6,060 Cash 15,200 6,060 Accounts receivable 12,410 Equity Office supplies 1,770 Common stock 82,650 Retained earnings 82,650 $ 91,910 Total liabilities and equity $ 88,710