! Required information [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,920 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash $ 8, 450 Cash dividends $ 2,930 Accounts receivable 16, 950 Consulting revenue 16 , 950 Office supplies 4 , 080 Rent expense 4, 420 Land 46 , 020 Salaries expense 7, 900 Office equipment 18 , 860 Telephone expense 860 Accounts payable 9, 280 Miscellaneous expenses 680 Common stock 84, 920 Using the above information prepare an October income statement for the business