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 $83,220 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. Using the above information prepare a December income statement for the business. 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 $83,220 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. Using the above information prepare a December statement of retained earnings for Ernst Consulting. 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 $83,220 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. Use the above information to prepare a December 31 balance sheet for Ernst Consulting. a. The owner's initial investment consists of $37,380 cash.and $45,840 in land in exchange for its common stock. b. The company's $17,200 equipment purchase is pald in cash. c. The accounts payable balance of $7,810 consists of the $2,530 office supplies purchase and $5,280 in employee salaries yet to be paid. d. The company's rent, telephone, and miscellaneous expenses are paid in cash. e. No cash has been collected on the $13,140 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign