Required information [The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,220 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash $13,840 Cash dividends $1,280 Accounts receivable 13,140 Consulting revenue 13,140 Office supplies 2,530 Rent expense 2,770 Land: 45,840 Salaries expense 6,120 Office equipment 17,200 Telephone expense 820 Accounts payable 7,810. Miscellaneous expenses 630 Common stock: 83,220 Using the above Information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings