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 $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 Cash Accounts receivable Office supplies $7,950 Cash dividends 17,450 Consulting revenue 4,200 Rent expense $ 3,070 17,450 4,530 8,090 office equipment 19,060 Salaries expense Land 46,010 Telephone expense Accounts payable Common stock 9,430 Miscellaneous expenses 85,050 880 690