On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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. Office supplies Office equipment Cash Accounts receivable $ 10,200 Cash dividends 15,200 Consulting revenue Rent expense Salaries expense 3,550 18,310 Land 45,990 Telephone expense Accounts payable 8,740 Miscellaneous expenses Common stock 84,310 $ 2,340 15,200 3,910 7,350 790 610 Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stock. b. The company's $18,310 equipment purchase is paid in cash. c. Cash paid to employees is $2,160. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 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 $15,200 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. D