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On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$85,360$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $7,010$ Cash dividends $ $3,390$

Accounts receivable $18,350$ Consulting revenue $18,350$

Office supplies $4,480$ Rent expense $4,820$

Office equipment $19,360$ Salaries expense $8,370$

Land $46,040$ Telephone expense $910$

Accounts payable $9,740$ Miscellaneous expenses $720$

Common stock $85,360$

Use the above information to prepare a December $31$ balance sheet for Ernst Consulting.