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 $85,360 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 $ 7,010 18,350 4,480 46,040 19,360 9,740 85,360 Cash dividends Consulting revenue Rent expense Salaries exponse Telephone expense Miscellaneous expenses $ 3,390 18,350 4,820 8,370 910 720 Using the above information prepare an October statement of retained earnings for Ernst Consulting ERNST CONSULTING Statement of Retained Earnings Retained earnings, October 1 Add: Net income $ 0 3,530 3,530 3,390 Less: Dividends Retained earnings, October 31 3 140