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 $83,390 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 $13,210 Cash dividends $ 1,460 Accounts receivable 13,320 Consulting revenue 13,320 Office supplies 2,720 Rent expense 2,950 Land 45,910 Salaries expense 6,290 Office equipment 17,350 Telephone expense 830 Accounts payable 7,970 Miscellaneous expenses 640 Common stock 83,390 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.