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 $82,780 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 Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $15, 760 12,590 1,960 46,030 16,580 7,250 82,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 640 12,590 2,270 5,450 760 580 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement Accounts payable Common stock 7,258 Miscellaneous expenses 82,780 580 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement 10 11 12 of 12