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 $85,050 in assets in exchange for its common stock to launch the business. On October 31, the companys records show the following items and amounts. Cash $ 7,950 Cash dividends $ 3,070 Accounts receivable 17,500 Consulting revenue 17,500 Office supplies 4,200 Rent expense 4,530 Land 46,010 Salaries expense 8,090 Office equipment 19,060 Telephone expense 880 Accounts payable 9,430 Miscellaneous expenses 690 Common Stock 85,050 Using the above information prepare an October income statement for the business.