On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 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	$ 9,750	Cash dividends	$ 2,530
Accounts receivable	15,620	Consulting revenue	15,620
Office supplies	3,710	Rent expense	4,070
Office equipment	18,450	Salaries expense	7,450
Land	45,970	Telephone expense	810
Accounts payable	8,900	Miscellaneous expenses	630
Common stock	84,470

Using the above information prepare a December income statement for the business