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 $85,360 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 $ 7,018 Cash dividends $ 3,390 Accounts receivable 18,350 Consulting revenue 18,350 Office supplies 4,480 Rent expense Office equipment 19,360 Salaries expense 46,040 Telephone expense Accounts payable 9,740 Miscellaneous expenses Cash 4,820 8,370 910 Land 720 Common sto 85,360 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 For Month Ended December 31 n ERNST CONSULTING Income Statement Assets Liabilities Equity Revenues Expenses Withdrawals 0 ERNST CONSULTING Income Statement Accounts payable Accounts receivable Cash Cash dividends Common stock Consulting revenue 0 ERNST CONSULTING Income Statement Land Miscellaneous expenses Office equipment Office supplies Rent expense Salaries expense 0 ERNST CONSULTING Income Statement Office equipment Office supplies Rent expense Salaries expense Telephone expense 0 ERNST CONSULTING Income Statement Assets Liabilities Equity Revenues Expenses withdrawals 0 0 Income Statement Accounts payable Accounts receivable Cash Cash dividends 0 Common stock ormation 0 Show All Items Net income Net loss