On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,850 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 Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $11,580 Cash dividends $1,890 14,000 3,390 6,860 880 690 14,000 consulting revenue 3,140 Rent expense 46,000 Salaries expense 17,820 Telephone expense 8,400 Miscellaneous expenses 83,850 Exercise 1-16 Preparing a statement of retained earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings For Month Ended October 31 Miscellaneous expenses