On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 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	$	12,650		Cash dividends	$	1,570
Accounts receivable		12,800		Consulting revenue		12,800
Office supplies		2,850		Rent expense		3,110
Land		45,940		Salaries expense		6,490
Office equipment		17,530		Telephone expense		850
Accounts payable		8,110		Miscellaneous expenses		660
Common Stock		83,540

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