On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,220 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. Required: Use these amounts to prepare a December statement of retained earnings for the company. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $13,840 13,140 2,530 45,840 17,200 7,810 83,220 1,280 13,140 2,770 6,120 820 630