! Required information Part 1 of 4 [The following information applies to the questions displayed below.) 66 oints On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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. eBook Hint Print References Cash Cash dividends Consulting revenue Salaries expense $ 12,040 Accounts receivable Office supplies 13,720 2,990 Rent expense Office equipment 17,710 Land 45,940 Telephone expense Accounts payable 8,230 Miscellaneous expenses Common stock 83,660 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement $ 1,760 13,720 3,210 6,690 870 680