[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,360 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 $ 7,010 Cash dividends 18,350 Consulting revenue 4,480 Rent expense 19,360 Salaries expense 46,040 Telephone expense Accounts payable 9,740 Miscellaneous expenses Common stock 85,360 $ 3,390 18,350 4,820 8,370 910 720 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 1 $ 0 Add: Dividends 0 Add: Net income 3,530 3,530 ess Dividends 3390E