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Required information (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 Accounts payable Common stock $ 6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense 9,890 Miscellaneous expenses 85,460 $ 3,490 18,650 4,920 8,500 890 700 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet December 31 Assets Liabilities Cash $ $ 9,890 6,650 Accounts payable 18,650 4,640 19,560 46,000 Accounts receivable Office supplies Office equipment Land 9,890 0 Total assets $ 95,500 $ 9,890