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 $83,010 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. Cash Accounts receivable $14,890 12,820 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense $ 930 12,820 Office supplies 2,290 2,530 Office equipment Land 16,900 5,780 45,960 Accounts payable Common stock 7,670 Miscellaneous expenses 790 610 83,010 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 S 0 Add: Net income 0 Less: Net loss $ 0