On December 1, Jasmin Ernst organized Ernst Consulting On December 3, the owner contributed $83,540 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 Accounts receivable Office supplies office equipment Land Accounts payable Common stock Also assume the following: $ 12,650 Cash dividends 13,520 Consulting revenue 2,850 Rent expense 17,530 Salaries expense 45,940 Telephone expense 8,110 Miscellaneous expenses 83,540 $ 1,570 13,520 Check m 3,110 6,490 850 660 a. The owner's initial investment consists of $37,600 cash and $45,940 in land in exchange for its common stock. b. The company's $17,530 equipment purchase is paid in cash. c. Cash paid to employees is $1,230. The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and $5,260 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 $13,520 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting.