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 $84,000 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 Office equipment Land Accounts payable Common stock $ 11,360 14,000 3,250 18,000 Cash dividends Consulting revenue Rent expense Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 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 Earnings Retained earnings, December 1 $ 0