[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,460 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 $ 6,650 Cash dividends Consulting revenue 18,650 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense Accounts payable Common stock 9,890 Miscellaneous expenses 85,460 $ 3,490 18,650 4,920 8,500 890 700 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Answer is not complete. ERNST CONSULTING Balance Sheet December 31 Assets Liabilities Accounts receivable $ 18,650 Accounts payable $ 9,890 Cash 6,650 Land 46,000 9,890 Office equipment 19,560 Office supplies 4,640 Common stock 85,460 0 Retained earnings 0 0 $ 95,500 0 85,460 $ 95,350