[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,580 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 $ 9,390 Cash dividends 16,020 Consulting revenue 3,830 Rent expense 18,550 Salaries expense Office supplies Office equipment Land 45,980 Telephone expense Accounts payable Common stock 9,060 Miscellaneous expenses 84,580 $ 2,650 16,020 4,190 7,570 830 650 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING t Assets ences Balance Sheet Assets Equity Expenses Liabilities