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 $ 7,019 18,350 4,480 46,840 19,360 9,740 85,360 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,390 18,350 4,820 8,370 910 720 Using the above information prepare a December income statement for the business $ 113,450 ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue $ 18,350 Accounts payable 9,740 Common stock 85,360 Total revenues Expenses Office equipment 19,360 Land 46 040 Rent expense 4.820 Salaries expense 8.370 Telephone expense 910 Miscellaneous expenses 720 Total expenses Not income 80.220