On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $84,470 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 9,750 15,620 3,710 45,970 18,450 8,900 84,470 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,530 15,620 4,070 7,450 810 630 Exercise 1-15 Preparing an income statement LO P2 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement