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Required information 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 Accounts payable 9, 170 Miscellaneous expenses 670 84,780 850 Common stock Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Answer is not complete. ERNST CONSULTING Income Statement Revenues Consulting revenue $ 16,540 $ 16,540 Total revenues Expenses Salaries expense Rent expense Telephone expense Miscellaneous expenses 7,740 4,300 850 670 Total expenses Net income 13,560 2,980 S Required information 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 Accounts payable 9, 170 Miscellaneous expenses 670 84,780 850 Common stock Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Exercise 1-18 (Algo) Preparing an income statement LO P2 Using the above information prepare a December income statement for the business. Answer is not complete. ERNST CONSULTING Income Statement Revenues Consulting revenue $ 16,540 $ 16,540 Total revenues Expenses Salaries expense Rent expense Telephone expense Miscellaneous expenses 7,740 4,300 850 670 Total expenses Net income 13,560 2,980 S