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 $82,890 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 Cash dividends Consulting revenue $ 15,140 $ 830 12,720 12,720 Office supplies 2,110 Rent expense 2,380 Office equipment 16,780 Salaries expense 5,620 Land 46,010 Telephone expense Accounts payable Common stock 7,360 82,890 Miscellaneous expenses 780 600 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 0 $ 0