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. Also assume the following: a. The owner's initial investment consists of $37,850 cash and $46,000 in land in exchange for its common stock. b. The company's $17,820 equipment purchase is paid in cash. c. 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 d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet been collected on the $13,860 consulting revenue earned. ERNST CONSULTING Statement of Cash Flows For Month Ended December 31