On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.

Cash	$ 7,520	Cash dividends	$ 3,190
Accounts receivable	17,950	Consulting revenue	17,950
Office supplies	4,310	Rent expense	4,720
Office equipment	19,190	Salaries expense	8,220
Land	46,000	Telephone expense	900
Accounts payable	9,600	Miscellaneous expenses	710
Common stock	85,160

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