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 $85,050 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 Office equipment Accounts payable Common Stock $ 3,070 17,500 4,530 8,090 880 690 $7,950 Cash dividends 17,500 Consulting revenue 4,200Rent expense 46,010 Salaries expense 19,060 Telephone expense 9,430 Miscellaneous expenses 85,050 Exercise 1-17 Preparing a balance sheet LO P2