Use the following information for exercise 18 to 21 LO P2 (Algo) 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 office supplies Land office equipent Accounts payable Common stock 59,390 16,020 3,830 45,980 10,550 9.066 134,500 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,650 16,020 4,190 7,50 830 650 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting ERNST CONSULTING Balance Sheet