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 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 $7,950 Cash dividends 17,450 Consulting revenue 4,200 Rent expense $3,070 17,450 4,530 Office equipment Land 19,060 Salaries expense 8,090 46,010 Telephone expense 880 Accounts payable Common stock 9,430 Miscellaneous expenses 85,050 690 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 00 < Prev 3 of 3 Next > 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