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 $85,460 in assets exchange for its common stock to launch the business. On December 31, the company's records show the following it and amounts. Cash Accounts receivable Office supplies Office equipment Land $ 6,650 Cash dividends 18,650 Consulting revenue 4,640 Rent expense 19,560 Salaries expense 46,000 Telephone expense $ 3,490 18,650 4,920 8,500 890 Accounts payable Common stock 9,890 Miscellaneous expenses 85,460 Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. ERNST CONSULTING Income Statement 700