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 $83,540 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. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 8,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,570 13,520 3,110 6,490 850 660 Using the above information prepare an October income statement for the business. ERNST CONSULTING Income Statement