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 $84,780 in assets 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 Owner investments $ 8,990 Cash withdrawals by owner 16,540 Consulting revenue 3,930 Rent expense 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses $ 2,830 16,540 4,300 7,740 850 670 84,789 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 Revenues Consulting revenue $ 16.540 $ 16.540 Total revenues Expenses Rent expense Salaries expense Telephone expense Miscellaneous expenses Cash withdrawals by owner 4,300 7,740 850 670 2,830 Total expenses Net income 16,390 2,980 $