$!$

Required information

Use the following information for the Exercises below. $($Static$)$

$[$The following information applies to the questions displayed below.$]$

On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$84,000$ 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.

$\backslash$table$[[$Cash$,$$$11,360,$Cash dividends$],[$Accounts receivable,$14,000,$Consulting revenue$],[$Office supplies,$3,250,$Rent expense$],[$Office equipment,$18,000,$Salaries expense$],[$Land$,46,000,$Telephone expense$],[$Accounts payable,$8,500,$Miscellaneous expenses$],[$Common stock,$84,000,]]$

$$2,000$

$14,000$

$3,550$

$7,000$

$760$

$580$

Exercise $1-18($Static$)$ Preparing an income statement LO P$2$

Using the above information prepare a December income statement for the business.

$\backslash$table$[[$ERNST CONSULTING,$],[$Income Statement,$],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,],[,,]]$