Required information [The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,160 in assets to launch the business. On December 31, the company's records show the following items and amounts. of 3 Cash Accounts receivable office supplies Land Office equipment Accounts payable Owner investments $ 7,520 Cash withdrawals by owner 17,950 Consulting revenue 4,310 Rent expense 46,000 Salaries expense 19,190 Telephone expense 9,600 Miscellaneous expenses 85,160 $3,190 17,950 4,720 8,220 900 710 Using the above information prepare a December statement of owner's equity for Ernst Consum 1 was $0. ERNST CONSULTING Statement of Owner's Equity J. Ernst, Capital, December 1 $ 0 Use the above information to prepare a December 31 balance sheet for Ernst Consulting. ERNST CONSULTING Balance Sheet