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 Cash dividends $ 640 Accounts receivable 12,590 Consulting revenue 12,590 Office supplies 1,960 Rent expense 2,270 Land 46,030 Salaries expense 5,450 Office equipment 16,580 Telephone expense 760 Accounts payable 7,250 Miscellaneous expenses 580 Common stock 82,780