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 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 $ 7,520 Cash dividends 17,950 Consulting revenue 4,310 Rent expense 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement For Month Ended December 31 Revenues Consulting revenue 17,950 $ 17,950 Total revenues Expenses Rent expense Salaries expense Miscellaneous expenses Telephone expense 4,720 8.220 710 900 Total expenses Net income 14,550 2,040 $