Jsing the above information prepare a December statement of cash flows for Ernst Consulting Note: Cash outflows should be indicated by a minus sign. Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,780 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. Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,800 cash and $45,980 in land in exchange for its common stock. b. The company's $18,660 equipment purchase is paid in cash. c. Cash paid to employees is $2,500. The accounts payable balance of $9,170 consists of the $3,930 office supplies purchase and $5,240 in employee salaries yet to be paid. d. The combanv's rent expense. telephone expense. and miscellaneous expenses are baid in cash