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! Required information Use the following information for exercise 18 to 21 LO P2 (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 Cash Accounts receivable office supplies Land office equipment Accounts payablo Common stock $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash dividende Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3,550 7,000 260 580 Exercise 1-20 (Static) Preparing a balance sheet LO P2 Exercise 1-20 (Static) Preparing a balance sheet LO P2 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. Assets >>> 8,500 O Cash Accounts receivable Office supplies Land Office equipment Answer is not complete. ERNST CONSULTING Balance Sheet December 31 Liabilities $ 11,360 Accounts payable 14,000 3,250 46,000 Equity 18,000 Common stock Retained earnings Total equity $ 92,610 Net income 84,000 110 84.110 92,610 x $