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 in exchange for its common stock to launch the business. On December 31, the company's records show the following ite 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 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet Assets Equity Cash Accounts receivable $ 6,650 18,650 Common stock > $ 85,460 x Office supplies 4,640 85,460 Office equipment 19,560 Liabilities Land 46,000 Accounts payable 9,890 x 700