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 $83,540 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 Office equipment Land Accounts payable Common stock $ 12,650 Cash dividends 13,520 Consulting revenue. 2,850 Rent expense 17,530 Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 $ 1,570 13,520 3,110 6,490 850 660 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 11 $ 0 0 $ 0