On December 1, Jasmin Ernst organized Emst 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. 4,080 Rent expense 18,860 Salaries expense 46,020 Telephone expense 9,280 Miscellaneous expenses 84,920 $ 2,930 16,950 4,420 7,900 860 680 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet $ 0