Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84.920 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies $ 8,450 cash dividends $2,930 16,950 Consulting revenue 16,950 4,080 Rent expense 4,428 18,868 Salaries expense 7,900 46,020 Telephone expense 860 Accounts payable Common stock 9,280 84,920 Miscellaneous expenses 680 Office equipment Landi Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Ernst Consulting. Hint: Retained Earnings on December 1 was $0. ERNST CONSULTING Statement of Retained Earning Retained earnings, December 1 $ 0 $ 0 Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting On December 3, the owner contributed $84.920 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Cash dividends Consulting revenue $ 8,450 16,950 Office supplies 4,080 Rent expense Office equipment 18,860 Salaries expense Land 46,020 Telephone expense Accounts payable 9,280 Miscellaneous expenses Common stock 84,928 $ 2,910 16,958 4,420 7,900 860 680 xercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 sing the above information prepare a December statement of retained earnings for Emst Consulting. Hint Retained Earnings on ecember 1 was $0