Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 1-18 (Static) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. (1) Required information \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ ERNST CONSULTING } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline As of December 31 & & \\ \hline Revenues & & \\ \hline Consulting revenue & \\ \hline & \\ \hline Expenses & \\ \hline Rent expense & \\ \hline Salaries expense & \\ \hline Telephone expense & \\ \hline Miscellaneous expenses & \\ \hline \hline \end{tabular} Exercise 1-19 (Static) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint Retained Earnings on December 1 was $0. xercise 1-20 (Static) Preparing a balance sheet LO P2 Ise the above information to prepare a December 31 balance sheet for Ernst Consulting