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 $84,000 in assets to launch the business. On December 31, the company's records show the following items and amounts. $ 11,360 Cash withdrawals by owner Cash Accounts receivable 14,000 Consulting revenue Office supplies 3,250 Rent expense Land 46,000 Salaries expense Office equipment 18,000 Telephone expense Accounts payable Owner investments 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet