Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) On December 1, Jasmin Emst organized Ernst Consulting. On December 3, the owner contributed $85,050 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. Exercise 120 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consuiting