On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 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	$	13,840		Cash dividends	$	1,280
Accounts receivable		12,000		Consulting revenue		12,000
Office supplies		2,530		Rent expense		2,770
Land		45,840		Salaries expense		6,120
Office equipment		17,200		Telephone expense		820
Accounts payable		7,810		Miscellaneous expenses		630
Common Stock		83,220

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