On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$83,660$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $12,040$ Cash dividends $ $1,760$

Accounts receivable $13,720$ Consulting revenue $13,720$

Office supplies $2,990$ Rent expense $3,210$

Office equipment $17,710$ Salaries expense $6,690$

Land $45,940$ Telephone expense $870$

Accounts payable $8,230$ Miscellaneous expenses $680$

Common stock $83,660$

Use the above information to prepare a December $31$ balance sheet for Ernst Consulting.