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 $85,160 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 $ 7,520 Cash dividends $ 3,190 Accounts receivable 17,950 Consulting revenue 17.950 Office supplies 4,310 Rent expense 4,720 office equipment 19,198 Salaries expense 3,220 Land 45,000 Telephone expense 900 Accounts payable 9,600 Miscellaneous expenses 710 Common stock 85,160 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. Exercise 1-19 (Algo) Preparing a statement of retained earnings LO P2 Using the above information prepare a December statement of retained earnings for Emst Consulting Hint: Retained Earnings on December 1 was $0. ERNST CONSULTING Statement of Retained Earning As of December 31 Retained earnings, December 1 0 $ 0