Check October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,660 in assets in exchange for its common stock to launch the and amounts. business. On October 31, the company's records show the following items Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $12,640 Cash dividends 1,760 13,800 3,210 6,690 870 680 13,800 Consulting revenue 2,990 Rent expense 45,940 salaries expense 17,710 Telephone expense 8,230 Miscellaneous expenses 83,660 Exercise 1-16 Preparing a statement of retained earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting ERNST CONSULTING Statement of Retained Earnings