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 companys records show the following items and amounts.

Cash	$ 10,710	Cash dividends	$ 2,180
Accounts receivable	14,600	Consulting revenue	14,600
Office supplies	3,450	Rent expense	3,750
Office equipment	18,170	Salaries expense	7,160
Land	46,030	Telephone expense	780
Accounts payable	8,630	Miscellaneous expenses	600
Common stock	84,200

Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0.