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 $83,110 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 $ 14,550 Cash dividends 12,940 Consulting revenue 2,400 Rent expense $1,120 12,940 2,640 Office equipment Land 17,020 Salaries expense 5,920 45,860 Telephone expense 800 Accounts payable Common stock 7,820 Miscellaneous expenses 620 83,110