Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 office equipment Land Accounts payable Common stock $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense $ 2,000 14,000 3,550 18,000 Salaries expense 7,000 46,000 Telephone expense 760 8,500 Miscellaneous expenses 84,000 580 Exercise 1-20 (Static) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet