Use the following information for exercises 15 to 18 LO P2 (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. Cash Accounts receivable Office supplies Land $2,000 14,000 3,550 7,000 760 580 $11,360 Cash dividends 14,000 3,250 46,000 18,000 8,500 84,000 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses office equipment Accounts payable Common Stock Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. Answer is not complete. Exercise 1-17 Preparing a balance sheet LO P2 Using the above information prepare an October 31 balance sheet for Ernst Consulting. Answer Is not complete. ERNST CONSULTING Balance Sheet Assets Liabilities $ 46,000 Land Accounts payable 8,500 Office equipment 18,000 Cash 11,360 Equity Accounts receivable 14,000 Common stock 84,000 Office supplies Retained earnings 3,250 110 Total equity 84,110 Total assets $ 92,610 Total liabilities and equity 92,610