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Use the following information for the Exercises below. $($Algo$)$

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On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$83,850$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $11,580$ Cash dividends $ $1,890$

Accounts receivable $13,860$ Consulting revenue $13,860$

Office supplies $3,140$ Rent expense $3,390$

Office equipment $17,820$ Salaries expense $6,860$

Land $46,000$ Telephone expense $880$

Accounts payable $8,400$ Miscellaneous expenses $690$

Common stock $83,850$

Exercise $1-21($Algo$)$ Preparing a statement of cash flows LO P$2$

Also assume the following:

The owner$$s initial investment consists of $$37,850$ cash and $$46,000$ in land in exchange for its common stock.

The company$$s $$17,820$ equipment purchase is paid in cash.

Cash paid to employees is $$1,600.$ The accounts payable balance of $$8,400$ consists of the $$3,140$ office supplies purchase and $$5,260$ in employee salaries yet to be paid.

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

No cash has yet been collected on the $$13,860$ 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.