On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,460 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$6,650Cash dividends$3,490Accounts receivable18,650Consulting revenue18,650Office supplies4,640Rent expense4,920Land46,000Salaries expense8,500Office equipment19,560Telephone expense890Accounts payable9,890Miscellaneous expenses700Common stock85,460