On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,850 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 $ 11,580 Cash dividends 13,860 Consulting revenue 3,140 Rent expense 17,820 Salaries expense 46,000 Accounts payable Common stock Telephone expense 8,400 Miscellaneous expenses 83,850 $ 1,890 13,860 3,390 6,860 880 690 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 Retained earnings, December 1 $ 0 Add: Net income 2,040 0 2,040 Less: Dividends 1,890 Retained earnings, December 31 S 150