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.

Cash	$	11,360		Cash dividends	$	2,000
Accounts receivable		14,000		Consulting revenue		14,000
Office supplies		3,250		Rent expense		3,550
Land		46,000		Salaries expense		7,000
Office equipment		18,000		Telephone expense		760
Accounts payable		8,500		Miscellaneous expenses		580
Common stock		84,000

Exercise 1-20 (Static) Preparing a balance sheet LO P2

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