On December $1,$ Jasmin Ernst organized Ernst Consulting. On December $3,$ the owner contributed $$85,360$ in assets in exchange for its common stock to launch the business. On December $31,$ the company$$s records show the following items and amounts.

Cash $ $7,010$ Cash dividends $ $3,390$

Accounts receivable $18,350$ Consulting revenue $18,350$

Office supplies $4,480$ Rent expense $4,820$

Office equipment $19,360$ Salaries expense $8,370$

Land $46,040$ Telephone expense $910$

Accounts payable $9,740$ Miscellaneous expenses $720$

Common stock $85,360$

Also assume the following:

The owner$$s initial investment consists of $$39,320$ cash and $$46,040$ in land in exchange for its common stock.

The company$$s $$19,360$ equipment purchase is paid in cash.

Cash paid to employees is $$3,110.$ The accounts payable balance of $$9,740$ consists of the $$4,480$ office supplies purchase and $$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 $$18,350$ 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.