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Use the following information for the Exercises below. $($Algo$)$

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On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$84,470$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $9,750$ Cash dividends $ $2,530$

Accounts receivable $15,620$ Consulting revenue $15,620$

Office supplies $3,710$ Rent expense $4,070$

Office equipment $18,450$ Salaries expense $7,450$

Land $45,970$ Telephone expense $810$

Accounts payable $8,900$ Miscellaneous expenses $630$

Common stock $84,470$

Exercise $1-18($Algo$)$ Preparing an income statement LO P$2$

Using the above information prepare a December income statement for the business.Using the above information prepare a December income statement for the business.