On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,650 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 $15,200 Cash dividends $ 460 Accounts receivable 12,410 Consulting revenue 12,410 Office supplies 1,770 Rent expense 2,140 Land 46,080 Salaries expense 5,300 Office equipment 16,450 Telephone expense 750 Accounts payable 6,060 Miscellaneous expenses 560 Common stock 82,650 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement