3 Required information The following information applies to the questions displayed below) Part 1 of 3 On December 1, Jasmin Ernst organized Ernst Consulting, on December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts Cash Accounts receivable office supplies Land office equipment Accounts payable Comeon stock $ 1,570 13,520 3, 110 $12,650 13,520 2,850 45,940 17,530 8,119 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 6.490 B50 660 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement As of December 31 Assets Net income Now 4 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 $83,540 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts Part 2 of 3 Cash Accounts receivable office supplies Land Office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 3,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 5 1,570 13,520 3,110 6,490 850 660 Using the above information prepare a December statement of retained earnings for Ernst Consulting ERNST CONSULTING Statement of Retained Earnings As of December 31 Retained earnings December 1 $ Add: Net income 0 Less Dividends Retained earnings. December 31 $ 0 5 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 $83 540 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts Part 2 of 3 $ 1,576 13,520 Cash Accounts receivable Office Supplies Land Office equipment Accounts payable Common stock 3,110 $12,650 13,52e 2,850 45,940 17,530 8, 110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 6,490 850 660 Use the above information to prepare a December 31 balance sheet for Emst Consulting ERNST CONSULTING Balance Sheet December 31 $