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 $ 12,040 Accounts receivable 13,720 Cash dividends Consulting revenue Office supplies 2,990 Rent expense Office equipment 17,710 Salaries expense Land 45,940 Telephone expense Accounts payable 8,230 Miscellaneous expenses Common stock 83,660 $ 1,760 13,720 3,210 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet 6,690 870 680