[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 companys records show the following items and amounts. Retained earnings, October 1 as $0.

Cash	$	11,360		Cash dividends	$	2,000
Accounts receivable		14,000		Consulting revenue		14,000
Office supplies		3,250		Rent expense		3,550
Land		46,000		Salaries expense		7,000
Office equipment		18,000		Telephone expense		760
Accounts payable		8,500		Miscellaneous expenses		580
Common stock		84,000

Using the above information prepare an October 31 balance sheet for Ernst Consulting.