Also assume the following:

a$.$ The owner's initial investment consists of $$38,000$ cash and $$46,000$ in land in exchange for its common stock.

b$.$ The company's $$18,000$ equipment purchase is paid in cash.

c$.$ Cash paid to employees is $$1,750.$ The accounts payable balance of $$8,500$ consists of the $$3,250$ office supplies purchase and $$5,250$ in employee salaries yet to be paid.

d$.$ The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash.

e$.$ No cash has yet been collected on the $$14,000$ consulting revenue earned.

Using the above information prepare a December statement of cash flows for Ernst Consulting.

Note: Cash outflows should be indicated by a minus sign.