Un October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $85,160 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 $ 7,520 17,950 4,310 46,000 19,190 9,600 85,160 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,190 17,950 4,720 8,220 900 710 Income Statement Revenues Consulting revenue $ 17,950 Total revenues $ 17,950 4,720 Expenses Rent expense Salaries expense Telephone expense Miscellaneous expenses 8,220 900 710 Total expenses 14.550 $ Net income 3,400