On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,050 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts.

Cash	$	7,950		Cash dividends	$	3,070
Accounts receivable		17,500		Consulting revenue		17,500
Office supplies		4,200		Rent expense		4,530
Land		46,010		Salaries expense		8,090
Office equipment		19,060		Telephone expense		880
Accounts payable		9,430		Miscellaneous expenses		690
Common Stock		85,050

Using the above information prepare an October 31 balance sheet for Ernst Consulting.