Required information Use the following information for exercise 15 to 18 LO P2 [The following information applies to the questions displayed below] On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $82.780 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 $15,760 12,590 1,960 46,030 16,580 7,250 82,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 640 Accounts receivable office supplies 12,590 2,270 5,450 Land Office equipment Accounts payable 760 580 Common stock Exercise 1-16 Preparing a statement of retained earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting. nces ERNST CONSULTING Statement of Retained Earnings For Month Ended October 31 ained earnings, October 1 TAdd Net income Less Dividends