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 $83,660 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 $ 12,040 Accounts receivable 13,720 Office supplies 2,990 Rent expense Office equipment 17,710 Cash dividends Consulting revenue Salaries expense Land 45,940 Telephone expense Accounts payable 8,230 Miscellaneous expenses Common stock 83,660 $ 1,760 13,720 3,210 6,690 870 680 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