Required information Use the following information for exercises 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 $83.850 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 Cash Accounts receivable office supplies Land Office equipment Accounts payable Common stock $11,589 14,000 3,140 46,000 17,820 8,400 83,850 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses 1,890 14,000 3,390 6,860 880 690 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 For Month Ended October 31 Retained earnings. Oct 1 5 Add: Net income Less Dividends Retained earnings Oct 31