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 $85,160 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 $ 7,520 18,000 4,310 46,000 19, 190 9,600 85,160 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,190 18,000 4,720 8,220 900 710 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet