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 $85,360 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 $ 7,010 Cash withdrawals by owner 18,350 Consulting revenue 4,480 46,040 Rent expense Salaries expense 19,360 Telephone expense 9,740 Miscellaneous expenses 85,360 $3,390 18,350 4,820 8,370 910 720 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. Jasmin Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity Jasmin Ernst, Capital, December 1 $ 0 $ 0 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 $85,360 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cashi Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 7,010 Cash withdrawals by owner 18,350 Consulting revenue 4,480 Rent expense 46,040 Salaries expense 19,360 Telephone expense 9,740 Miscellaneous expenses 85,360 $ 3,390 18,350 4,820 8,370 910 720 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet $ $ $ 0