On December 1, Jazmine Ernst organized Ernst consulting. On December 3, the owner contributed $82,890 in assets in exchange for its common stock to launch the business. On December 31, the companies record shows the following items and amounts. use the information above to prepare a december income statement for the business.

On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,890 in assets in exchange for its common stock to launch the business. On December 31 , the company's tecords show the following items and amounts. Exercise 1.18 (Algo) Preparing an income statement LO P2 ( Required information ERNST CONSULTING Income Statement For Month Ended December 31 \begin{tabular}{|c|c|} \hline Revenues & \\ \hline Consulting revenue & $12,720 \\ \hline & \\ \hline & \\ \hline \end{tabular} Total revenues $12,720 \begin{tabular}{|l|r|} \hline & \\ \hline Telephone expense & 780 \\ \hline Miscellaneous expenses & 600 \\ \hline Rent expense & 2,380 \\ \hline Salaries expense & 5,620 \\ \hline & \\ \hline & \\ \hline Total expenses & \\ \hline Net income & 9,380 \\ \hline \end{tabular}