On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 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: $12,650 Accounts Recieveable: $13,520 Office Supplies: $2,850 Office Equipment: $17,530 Land: $45,940 Accounts Payable: $8,110 Common Stock: $83,540 Cash Dividends: $1,570 Consulting Revenue: $13,520 Rent Expense: $3,110 Salaries Expense: $6,490 Telephone Expense: $850 Miscellaneuos Expense: $660

3. Use the above information to prepare a December 31 balance sheet for Ernst Consulting.1. Using the above information prepare a December income statement for the business. 2. Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.