Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,470 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 $ 9,750 Cash dividends 15,620 Consulting revenue Office supplies 3,710 Rent expense office equipment 18,450 Salaries expense Land 45,970 Accounts payable 8,900 Telephone expense Miscellaneous expenses. Common stock 84,470 $ 2,530 15,620 4,070 7,450 810 630 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