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 company's records show the following items and amounts. Cash Accounts receivable office supplies Land Office equipment Accounts payable Common stock $ 11,360 Cash dividends $ 2,000 14,000 Consulting revenue 14,000 3,250 Rent expense 3,550 7,000 18,000 Telephone expense. 760 8,500 Miscellaneous expenses 580 84,000 46,000 Salaries expense Exercise 1-20 (Static) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet December 31 Assets Liabilities Accounts receivable $ 14,000 Accounts payable $ 8,500 Office supplies 3,250 Equity Land 46,000 Common stock 84,000 Office equipment 18,000 Retained earnings: 110 84,110 Total assets $ 81,250 Total liabilities and equity $ 92,610