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 Cash dividends Consulting revenue $ 14,890 12,820 Office supplies 2,290 Rent expense Office equipment 16,900 Land 45,960 Accounts payable 7,670 Common stock 83,010 Salaries expense Telephone expense Miscellaneous expenses $ 930 12,820 2,530 5,780 790 610 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 $ 0 $ 0