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 $83,220 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 $ 13,840 Cash dividends 13,140 Consulting revenue Office supplies 2,530 Office equipment 17,200 Land 45,840 Accounts payable 7,810 Common stock 83,220 Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,280 13,140 2,770 6,120 820 630 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. ces ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ 0 Add: Dividends Add: Net income Add: Net loss S 0 0