Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 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 Salaries expense. $ 11,360 14,000 Office supplies 3,250 Rent expense Office equipment Land 18,000 46,000 Telephone expense Accounts payable Common stock 8,500 Miscellaneous expenses 84,000 $ 2,000 14,000 3,550 7,000 760 580 Exercise 1-19 (Static) 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 Earnings Retained earnings, December 1 $ 0 0 0