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. Part 2 of 3 Cash Accounts receivable office supplies Land Office equipment Accounts payable Common stock points $15,766 12,590 1.960 46,30 16,580 7.250 82,780 36.40 12.590 2.27 5,456 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses eBook Print Exercise 1-16 Preparing a statement of retained earnings LO P2 Using the above information prepare an October statement of retained earnings for Ernst Consulting References ERNST CONSULTING Statement of Retained Earnings