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Required information Use the following information for the exercise(s) below LO P2 (Algo) Skip to question [The following information applies to the questions displayed below.]

Required information

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

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

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.

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