On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $85,360 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 $ 7,010 Cash dividends 18,350 4,480 46,040 19,360 9,740 85,360 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350 4,820 8,370 910 720 Use the above information to prepare a December 31 balance sheet for Ernst Consulting.