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 $84,000 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 $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3,550 7,000 760 580 5 Using the above information prepare an October income statement for the business. 1 of 3 ERNST CONSULTING Income Statement Revenues Consulting revenue 14,000 eBook Hint Total revenues $ 14,000 Print ferences Rent expense Salaries expense Telephone expense Miscellaneous expenses 3,550 7,000 760 580 Total expenses Net income 11,890 2.110 $ BB