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
Office equipment	18,000	Salaries expense	7,000
Land	46,000	Telephone expense	760
Accounts payable	8,500	Miscellaneous expenses	580
Common stock	84,000

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