On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,220 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 Office equipment Land $ 13,840 Cash dividends 13,140 Consulting revenue 2,530 Rent expense 17,200 Salaries expense 45,840 Accounts payable Common stock Telephone expense 7,810 Miscellaneous expenses 83,220 $ 1,280 13,140 2,770 6,120 820 630 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Assets Equity Expenses Liabilities ERNST CONSULTING Balance Sheet