On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 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 Accounts payable Common stock $ 9,399 Cash dividends 16,020 Consulting revenue 3,830 Rent expense 18,550 Salaries expense 45.980 Telephone expense 9,060 Miscellaneous expenses 84,580 $ 2,650 16,020 4,190 7,50 830 650