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 $83,660 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. office supplies office equipment Land Accounts payable Common stock $ 12,040 Cash dividends 13,720 2,990 Rent expense 17,710 $1,760 Consulting revenue 13,720 3,210 Salaries expense 6.690 870 8,230 Miscellaneous expenses 83,660 680 45,940 Telephone expense Using the above information prepare a December income statement for the business.