(The following information applies to the questions displayed below.) On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock $15, 760 12,590 1,960 46,030 16,580 7,250 82,780 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 640 12,590 2,270 5,450 760 580 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings