! Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 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. ed Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 12, 040 13,720 2,990 17,710 45,940 8,230 83,660 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 1,760 13, 720 3,210 6,690 870 680 k ces Also assume the following: a. The owner's initial investment consists of $37720 cash and $45,940 in land in exchange for its common stock. b. The company's $17,710 equipment purchase is paid in cash. c. Cash paid to employees is $1,450. The accounts payable balance of $8,230 consists of the $2,990 office supplies purchase and $5,240 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 $13,720 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.) ---- Required Information ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ 0 Cash flows from investing activities Cash flows from financing activities Cash balance December 1 Cash balance, December 31 ES 5