Required information Use the following information for the Exercises below. (Algo) The following information applles to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3 , the owner contributed $85,050 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. 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 Earniligs on December 1 was $0. 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: December 1 was $0