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 $85,050 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash withdrawals by owner Consulting revenue Rent expense Cash $ 7,950 Accounts receivable 17,450 Office supplies 4,200 Land 46,010 office equipment 19,060 Telephone expense Accounts payable 9,430 Owner investments 85,050 Salaries expense Miscellaneous expenses $ 3,070 17,450 4,530 8,090 880. 690 Exercise 1-19 (Algo) Preparing a statement of owner's equity LO P2 Using the above information prepare a December statement of owner's equity for Ernst Consulting. Hint. J. Ernst, Capital on December 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ 0