On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,200 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 $10,710 Cash dividends 14,500 Consulting revenue 3,450 Rent expense 18,170 Salaries expense 46,030 Telephone expense 8,630 Miscellaneous expenses 84,200 $ 2,180 14,600 3,750 7,160 780 600 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.