[The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,470 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 $ 9,750 Cash dividends $ 2,530 Accounts receivable 15,620 Consulting revenue 15,620 Office supplies 3,710 Rent expense 4,070 Land 45,970 Salaries expense 7,450 office equipment 18,450 Telephone expense 810 Accounts payable 8,900 Miscellaneous expenses 630 Common stock 84,470 Using the above information prepare an October statement of retained earnings for Ernst Consulting. ERNST CONSULTING Statement of Retained Earnings