Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,650 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $15,200 10,000 1,770 46,880 16,450 6,060 82,650 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 460 10,000 2,140 5,300 750 560 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $15,200 Cash dividends 10,000 Consulting revenue 1,770 Rent expense 46,080 Salaries expense 16,450 Telephone expense 6,060 Miscellaneous expenses 82,650 460 10,000 2, 140 5,300 750 560 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement