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 $82,650 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 $15,200 12,410 1,770 46,080 16,450 6,060 82,650 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 460 12,410 2,140 5,300 750 560 Exercise 1-16 Preparing a statement of retained earnings LO P2 es Using the above information prepare an October statement of retained earnings for Ernst Consulting ERNST CONSULTING Statement of Retained Earnings 5