On December 1, Jasmin Ernst organized Ernst Consulting, On December 3, the owner contributed $84,580 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 $ 9,90 Cash dividends 16,020 Consulting revenue 3,830 Rent expense 15,550 Salaries expense 45,90 Telephone expense 9.068 Miscellaneous expenses 84,580 $ 2,650 16,020 4.14 7,570 850 650 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint. Retained Earnings on December 1 was $0. Answer is not complete. ERNST CONSULTING Statement of Retained Earning 0 Retained earnings, December 1 Add Net Income 0 R Less Dividends Retained earnings December 31 0