On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $85,050 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 $39,040 cash and $46,010 in land in exchange for its common stock. b. The company's $19,060 equipment purchase is paid in cast. c. Cash paid to employees is $2,860. The accounts payable balance of $9,430 consists of the $4,200 office supplies purchase and $5,230 in employee solories yet to be paid. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cosh has yet been collected on the $17,450 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