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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,390 in assets to launch the business. On December 31, the company’s records show the following items and amounts.


Cash $ 13,210 Cash withdrawals by owner $ 1,460
Accounts receivable 13,320 Consulting revenue 13,320
Office supplies 2,720 Rent expense 2,950
Land 45,910 Salaries expense 6,290
Office equipment 17,350 Telephone expense 830
Accounts payable 7,970 Miscellaneous expenses 640
Owner investments 83,390
Using the above information prepare a December income statement for the business.