On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,470 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts.

Cash$9,750Cash dividends$2,530Accounts receivable15,600Consulting revenue15,600Office supplies3,710Rent expense4,070Land45,970Salaries expense7,450Office equipment18,450Telephone expense810Accounts payable8,900Miscellaneous expenses630Common Stock84,470

Using the aboveinformation make a October statement of retained earnings for Ernst Consulting.