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 $$83,540$ 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.

$\backslash$table$[[$Cash$,$$$12,650,$Cash dividends$],[$Accounts receivable,$13,520,$Consulting revenue$],[$Office supplies,$2,850,$Rent expense$],[$Office equipment,$17,530,$Salaries expense$],[$Land$,45,940,$Telephone expense$],[$Accounts payable,$8,110,$Miscellaneous expenses$],[$Common stock,$83,540,]]$

$$1,570$

$13,520$

$3,110$

$6,490$

$850$

$660$

Using the above information prepare a December income statement for the business.

ERNST CONSULTING

Income Statement