On October 1, Ebony Erst organized Ernst Consulting, on October 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the fol- lowing items and amounts. Use this information to prepare an October income statement for the business. Exercise 1-15 Preparing an income statement P2 ter Cash... Accounts receivable Office supplies Land, Office equipment Accounts payable Common stock $11,360 14,000 3.250 46,000 18,000 8,500 84,000 Cash dividends Consulting revenue. Rent expense. Salaries expense Telephone expense. Miscellaneous expenses $ 2,000 14,000 3,550 7,000 760 580 Check Net income Use the information in Exercise 1-15 to prepare an October statement of retained earnings for Ernst Consulting Exercise 1-16 Preparing a statem retained earnings