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 $85,160 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 $ 7,520 Cash dividends 17,950 Consulting revenue 4,310 Rent expense $3,190 17,950 4,720 8,220 900 9,600 Miscellaneous expenses 710 85,160 19,190 Salaries expense. 46,000 Telephone expense 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