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 $84,470 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments $ 9,750 Cash withdrawals by owner 15,620 Consulting revenue 3,710 Rent expense 45,970 Salaries expense 18,450 Telephone expense 8,900 Miscellaneous expenses 84,470 $ 2,530 15,620 4,070 7,450 810 630 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet