Required information Use the following information for exercise 18 to 21 LO P2 (Algo) [The following information applies to the questions displayed below.) On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,390 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $13, 210 13,320 2,720 45,91 17,350 7,970 83,390 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,460 13,320 2,950 6,290 830 640 cercise 1-18 (Algo) Preparing an income statement LO P2 Exercise 1-19 (Algo) Preparing a statement of retained earnings LC of 4 Using the above information prepare a December statement of retained earnings for E Answer is not complete. ERNST CONSULTING Statement of Retained Earnings Retained earnings, December 1 Add: Net income $ 0 Less: Dividends 2,610 2,610 1,460 1,150 Required information Answer is not complete. ERNST CONSULTING Balance Sheet Liabilities Accounts payable 7,970 Assets Cash Accounts receivable Office supplies Land Office equipment $ 13,210 13,320 2,720 45,910 17,350 Equity Common stock Retained earnings Total equity 83,390 1,150 84,540 92,510 $ 92,510 $ Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement Revenues Consulting revenue $ 13,320 13,320 A Total revenues Expenses Rent expense Salaries expense Telephone expense Miscellaneous expenses 2,950 6,290 830 640