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Question - 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.
Cash $9,750
Cash dividends $2,530
Accounts receivable 15,600
Consulting revenue 15,600
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
Required - Using the above information make an October statement of retained earnings for Ernst Consulting.
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