Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 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. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $13,840 13,140 2,530 45,840 17,200 7,810 83,220 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,280 13,140 2,770 6, 120 820 630 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings