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 $85,460 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. Cash Accounts receivable Cash dividends Consulting revenue Salaries expense Telephone expense Miscellaneous expenses $ 6,650 18,650 Office supplies 4,640 Rent expense Office equipment 19,560 Land 46,000 Accounts payable 9,890 Common stock 85,460 $ 3,490 18,650 4,920 8,500 890 700 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement