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 $84,780 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. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $ 8,990 16,540 Cash dividends Consulting revenue 3,930 Rent expense 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses 84,780 $ 2,830 16,540 4,300 7,740 850 670 Using the above information prepare a December statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 $ 0 Add: Net income Less: Dividends 0 Retained earnings, December 31 $ 0