On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,540 in assets to launch the business. On December 31, the companys records show the following items and amounts. Cash $ 12,650 Cash withdrawals by owner $ 1,570 Accounts receivable 13,520 Consulting revenue 13,520 Office supplies 2,850 Rent expense 3,110 Land 45,940 Salaries expense 6,490 Office equipment 17,530 Telephone expense 850 Accounts payable 8,110 Miscellaneous expenses 660 Owner investments 83,540 Also assume the following: The owners initial investment consists of $37,600 cash and $45,940 in land. The companys $17,530 equipment purchase is paid in cash. 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. The companys rent expense, telephone expense, and miscellaneous expenses are paid in cash. 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. (Cash outflows should be indicated by a minus sign.)

\begin{tabular}{|l|r|r|} \hline Cash paid for office equipment & 17,530 & \\ \hline \hline Net cash provided by investing activities & & 17,530 \\ \hline Cash flows from financing activities & & \\ \hline Cash investments by owner & 83,540 & \\ \hline Cash withdrawals by owner & 1,570 & \\ \hline \hline Net cash provided by financing activities & & 85,110 \\ \hline \hline Net increase in cash & & 96,410 \\ \hline Cash balance, December 1 & & 0 \\ \hline Cash balance, December 31 & $610 \\ \hline \hline \end{tabular}