On December , Jasmin Emst organized Emst Consulting; on December 3, the owner cortributed \$84,000 in acsets in exchange for tis common stock to launch the business. On December 31, the company's recards show the follawing items and amounts. Exercise 1-21 (Statlc) Preparing a statement of cash flows LD P2 Also assume the following: a. The owner's initial investment consiste of $38,000 cach and $46,000 in land in exchange for its common stock. b. The company's $18,000 equipment purchase is paid in cash. c. The accounts payable balance of $8,500 conslsts of the $3,250 office supplies purchase and $5,250 in employee salarles yet to be paid. d. The company's rent, telephone, and miscellaneous expenses are pald in cash. e. No cash has been collected on the $14,000 consulting revenue earned. Using the above information prepare a December statement of cach flows for Ernat Consulting. (Cosh outflows should be Indicated by a minus sign.)