On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $83,660 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 $12,040 13,720 2,990 45,940 17,710 8,230 83,660 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,760 13,720 3,210 6,690 870 680 Balance Sheet Assets Liabilities Land $ $ 8,230 Office equipment Cash 8,230 Accounts receivable 45,940 Accounts payable 17,710 12,040 Total liabilities 13,720 Equity 2,990 Common stock Retained earnings Total equity 92,400 Total liabilities and equity Office supplies 83,660 510 84.170 92,400 Total assets $ S