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 $83,850 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 $ 11,580 Cash dividends 13,860 Consulting revenue 3,140 Rent expense 17,820 Salaries expense 46,000 Telephone expense 8,400 Miscellaneous expenses 83,850 $ 1,890 13,860 3,390 6,860 880 690 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet