On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense $ 2,000 14,000 3,550 7,000 760 8,500 Miscellaneous expenses 84,000 580 46,000 Telephone expense Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint Retained Earnings on December 1 was $0. ERNST CONSULTING Statement of Retained Earnings Retained earnings, December 1 $ 0 0 $ 0