4 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 $83,540 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 Part 2 of 3 Cash Accounts receivable office supplies Land Office equipment Accounts payable Common stock $12,650 13,520 2,850 45,940 17,530 3,110 83,540 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 5 1,570 13,520 3,110 6,490 850 660 Using the above information prepare a December statement of retained earnings for Ernst Consulting ERNST CONSULTING Statement of Retained Earnings As of December 31 Retained earnings December 1 $ Add: Net income 0 Less Dividends Retained earnings. December 31 $ 0