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Required information [The following information applies to the questions displayed below.) On December 1, Jasmin Ernst organized Ernst Consulting: on December 3, the owner contributed $83,850 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts Cash Accounts receivable office supplies Land Office equipment Accounts payable Common stock $11,580 13,860 3,140 46,000 17,820 8,400 83,850 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,890 13,860 3,390 6,860 880 690 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement es 0 ERNST CONSULTING Statement of Retained Earnings Retained earnings, December 1 $ 0 0 $ 0 and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $11,580 13,860 3,140 46,000 17,820 8,400 83,850 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,890 13,860 3,390 6,860 880 690 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet 0 0