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Use the following information for the exercise(s) below LO P2 (Algo)

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On December 1, Jasmin Ernst organized Ernst Consulting; on December 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.

Cash	$ 12,650	Cash dividends	$ 1,570
Accounts receivable	13,520	Consulting revenue	13,520
Office supplies	2,850	Rent expense	3,110
Land	45,940	Salaries expense	6,490
Office equipment	17,530	Telephone expense	850
Accounts payable	8,110	Miscellaneous expenses	660
Common stock	83,540

Exercise 1-18 (Algo) Preparing an income statement LO P2

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