! 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 $85,050 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 $7,950 Cash dividends 17,450 Consulting revenue 4,200 Rent expense Salaries expense 9,430 Miscellaneous expenses 85,050 Office equipment Land Accounts payable Common stock 19,060 46,010 Telephone expense $ 3,070 17,450 4,530 8,090 880 690 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31