On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,110 in assets to launch the business. On December 3, the owner contributed $83,110 in assets to launch the business. On December 31, the company's records show the following items and amounts.

Cash $ 14,550

Account receivable 12,940

Office supplies 2,400

Land 45,860

Office equipment 17,020

Account payable 7,820

Owner investments 83,110

Cash withdrawals by owner 1,120

Consulting revenue 12,940

Rent expense 2,640

Salaries expense 5,920

Telephone expense 800

Miscellaneous expenses 620

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

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