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 $84,200 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 Cash dividends Consulting revenue $ 10,710 14,600 Office supplies 3,450 Rent expense Office equipment 18,170 Salaries expense Land 46,030 Telephone expense Accounts payable. 8,630 Miscellaneous expenses Common stock 84,200 $ 2,180 14,600 3,750 7,160 780 600 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 As of December 31