Required information Use the following information for exercise 15 to 18 LO P2 The following information applies to the questions displayed below) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 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 $ 9,390 16,920 3,830 45,989 18,550 9,060 84,58e Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,020 4,190 7,570 830 650 Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet