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 Erst organized Ernst Consulting: on October 3, the owner contributed $85,160 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 $ 7,520 17,950 4,310 46,000 19,190 9,600 85,160 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 3,190 17,950 4,720 8,220 900 710 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 ERNST CONSULTING Statement of Retained Earnings 0 $ 0