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 $84,780 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 $ 8,990 Cash dividends $ 2,830 Accounts receivable 16,540 Consulting revenue 16,540 office supplies 3,930 Rent expense 4,300 Office equipment 18,660 Salaries expense 7,740 Land 45,980 Telephone expense 850 Accounts payable 9,170 Miscellaneous expenses 670 Common stock 84,780 Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting