[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 46,000 Salaries expense Telephone expense Miscellaneous expenses 18,000 8,500 84,000 $ 2,000 14,000 3,550 7,000 760 580 Using the above information prepare an October 31 balance sheet for Ernst Consulting.