Photos - 2022-04-28 (9).png 2 Part 2 of 4 113% Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,920 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 $8,450 Cash dividends. $ 2,930 16,950 Consulting revenue 16,950 Accounts receivable office supplies 4,080 Rent expense 4,420 Office equipment Land 18,860 Salaries expense 7,900 46,020 Telephone expense 860 Accounts payable 680 9,280 Miscellaneous expenses 84,920 Common stock 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 $ 88F Sunny Fullscreen 3:36 PM 4/28/2022