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 $84,780 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 $ 8,990 16,540 3,930 45,980 18,660 9,170 84,789 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,830 16,540 4,300 7,740 850 670 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING $ $ 9,170 Assets Accounts receivable Cash Land Office equipment Office supplies Balance Sheet As of October 31 Liabilities 16,540 (Accounts payable 8,990 45,980 Total liabilities 18,660 Equity 3,930 Common stock Retained earnings Total equity 94,100 Total liabilities and equity 9,170 ces 84,780 84,780 93,950 Total assets $