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 $85,160 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 $ 7,520 Cash withdrawals by owner 17,950 Consulting revenue 4,310 Rent expense 46,000 Salaries expense $ 3,190 17,950 4,720 8,220 900 Accounts payable Owner investments 9,600 Miscellaneous expenses 85,160 710 office equipment 19,190 Telephone expense Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint J. Ernst, Capital on December 1 was $0.