Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 1. Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 in assets to launch the business. On December 31 , the company's records show the following items and amounts. Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. [The following information applies to the questions displayed below] As of December 31 of the current year, Armani Company's records show the following. Hint. The owner invested $1,300 cash during the year. Problem 1-4A (Algo) Preparing a statement of owner's equity LO P2 Required: Prepare the statement of owner's equity for Armani Company for the current year ended December 31