Required information Use the following information for the exercise(s) below LO P2 (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 Land office equipment Accounts payable Common stock $ 11,360 Cash dividends $ 2,000 14,000 Consulting revenue) 3,250 Rent expense 14,000 3,550 7,000 760 8,500 Miscellaneous expenses 84,000 580 46,000 Salaries expense 18,000 Telephone expense Exercise 1-18 (Static) Preparing an income statement LO P2