Required information

$[$The following information applies to the questions displayed below.$]$

On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$82,780$ 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.

Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on

December $1$ was $$0.$