Use the following information for exercises 15 to 18 LO P2 [The following information applies to the questions displayed belowj On October 1, Ebony Ernst organized Ernst Consulting, on October 3, the owner contributed $83,220 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 Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common Stock $ 1,280 12,000 2,770 6,120 820 630 $13,840 Cash dividends 12,000 Consulting revenue 2,530Rent expense 45,840 Salaries expense 17,200 Telephone expense 7,810 Miscellaneous expenses 83,220 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