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Use the following Information for the Exercises below. (Algo) [The following infomation applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 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. Using the above information prepare a December income statement for the business. Exercise 1-19 (Algo) 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. Exercise 1-20 (Algo) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Aso assume the following: a. The owner's incial investment consists of $38,900 cash and $46,020 in land in exchange for its common stock. b. The company's $18,860 equipment purchase is paid in cash. c. Cash paid to employees is $2,700. The accounts payable balance of 59,280 consists of the $4,090 office supplies purchase and $5,200 in enployee salaries yet to be paic. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. Nerahh has yet been collected on the $16.950 consuiting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. (Cash outflows should be indicated bo a minus lg and