d Required Information Use the following information for the Exercises below. (Algo) (The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84.920 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 Office equipment) Land Accounts payable Common stock $ 8,450 Cash dividends 16,950 Consulting revenue 4,980 Kent expense 18,860 Salaries expense 46,020 Telephone expense 9,280 84,920 Miscellaneous expenses Exercise 1-18 (Algo) Preparing an income statement LO P2 Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 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 office equipment Land Accounts payable Common stock $ 8,450 Cash dividends 16,958 Consulting revenue Rent expense 4,080 18,860 $ 2,930 16,950 4,420 7,900 860 Miscellaneous expenses 680 Salaries expense 46,820 Telephone expense 9,280 84,928 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December Income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31