5 Part 3 of 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 $84,200 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 $ 10,710 Cash dividends 14,600 Consulting revenue 3,450 Rent expense $ 2,180 14,600 Office supplies 3,750 eBook Office equipment Land 18,170 Salaries expense 7,160 46,030 Telephone expense 780 Accounts payable Common stock 8,630 Miscellaneous expenses 84,200 600 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet For Month Ended December 31 Cash Assets $ 10.710 Accounts payable Liabilities $ 8,630 Accounts receivable 14,600 Office supplies 3,450 8,630 Office equipment 18,170) Equity Land 46,030 Common stock 84,200 Retained earnings 130 Total equity 84,330 Total assets $ 92,960 Total liabilities and equity $ 92,960