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 $85,050 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 Common stock $ 7,950 17,450 4,200 46,010 19,060 9,430 85,050 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,070 17,450 4,530 8,090 880 690 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet 0 $ $ 0