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 $84,580 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash $ 9,390 Cash withdrawals by owner Accounts receivable Office supplies 3,830 Land 45,980 16,020 Consulting revenue Rent expense Salaries expense Office equipment 18,550 Telephone expense Accounts payable Owner investments 9,060 Miscellaneous expenses 84,580 $ 2,650 16,020 4,190 7,570 830 650 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