Preparing an income statement P2 On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets to launch the business. On December 31, the company's records show the following items and amounts. Use this information to prepare a December income statement for the business. Cash.... $11,360 Accounts receivable.. 14,000 Cash withdrawals by owner.......... $2,000 Consulting revenue. 14,000 Office supplies.. 3,250 Rent expense. 3,550 Office equipment. 18,000 Salaries expense.. 7,000 Land...... 46,000 Telephone expense 760 Accounts payable. 8,500 Miscellaneous expenses 580 Owner investments 84,000