Required information The following information applies to the questions displayed below. 1.25 points On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,110 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 ccounts payahle Common Stock $ 1, 120 11, 500 2, 640 5, 920 S 14, 550 Cash dividends 11, 500 Consulting revenue 2, 400 Ren expense 45, 860 Salaries expense 17, 020 Telephone expense 7, 820 Miscellaneouls expenses 83, 110 Using the above information prepare an October income statement for the business Using the above information prepare an October income statement for the business Answer is complete but not entirely correct. ERNST CONSULTING Income Statement For Month Ended October 31 Revenues Consulting revenue $ 11,500 Telephone expense 11,500 $ 23,000 Total revenues Expenses 2,640 5,920 800 Rent expense Salaries expense Telephone expense Miscellaneous expenses 9,980 Rent expense Total expenses 19,960 $ 1,520 Net income