On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$84,310$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $10,200$ Cash dividends $ $2,340$

Accounts receivable $15,200$ Consulting revenue $15,200$

Office supplies $3,550$ Rent expense $3,910$

Office equipment $18,310$ Salaries expense $7,350$

Land $45,990$ Telephone expense $790$

Accounts payable $8,740$ Miscellaneous expenses $610$

Common stock $84,310$

Also assume the following:

The owner$$s initial investment consists of $$38,320$ cash and $$45,990$ in land in exchange for its common stock.

The company$$s $$18,310$ equipment purchase is paid in cash.

Cash paid to employees is $$2,160.$ The accounts payable balance of $$8,740$ consists of the $$3,550$ office supplies purchase and $$5,190$ in employee salaries yet to be paid.

The company$$s rent expense, telephone expense, and miscellaneous expenses are paid in cash.

No cash has yet been collected on the $$15,200$ consulting revenue earned.