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 $84,200 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 Accounts receivable office supplies Land office equipment Accounts payable Common stock $10,710 14,600 3,450 46,030 18,170 8,630 84,200 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,180 14,600 3,750 7,160 780 600 Using the above information prepare an October statement of retained earnings for Ernst Consulting, ERNST CONSULTING Statement of Retained Earnings