On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts. Use this information to prepare a balance sheet for the business as of December 31.

Cash$ 11,360Cash dividends$ 2,000Accounts receivable14,000Consulting revenue14,000Office supplies3,250Rent expense3,550Land46,000Salaries expense7,000Office equipment18,000Telephone expense760Accounts payable8,500Miscellaneous expenses580Common stock84,000

for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Use the information below to prepare a December 31 balance sheet for Ernst Consulting. (Click on the Balance Sheet Tab below.) Check Answers Legend Graded cell: Leave blank if no answer is needed. Scratchpad: Use as a non-graded workspace for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Use the information below to prepare a December 31 balance sheet for Ernst Consulting. (Click on the Balance Sheet Tab below.) \begin{tabular}{l|l|l|} \hline & \\ \hline & & \\ 5 & Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. \\ 6 & Nothing in this area will be graded, but it will be submitted with your assignment. \\ \hline 7 \end{tabular} Check Answers (ii) Legend Graded cell: Leave blan needed. Scratchpad: Use as a no workspace