Required information The following information applies to the questions displayed below] On October 1. Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84 780 in assets in exchange for its common stock to launch the business. On October 31, the company's records show the following items and amounts. Retained earnings, October 1 as $0. Cash Accounts receivable office supplies Land Office equipment Accounts payable Connon stock $ 8.990 Cash dividends 16,540 Consulting revenue 3,930 Rent expense 45,980 Salaries expense 18,660 Telephone expense 9,170 Miscellaneous expenses 84,780 5. 2,830 16,54 4,300 7,743 850 67 Also assume the following a. The owner's initial Investment consists of $38,800 cash and $45.980 in land in exchange for its common stock b. The company's $18.660 equipment purchase is paid in cash c. The accounts payable balance of $9.970 consists of the $3.930 office supplies purchase and $5.240 in employee salaries yet to be paid d. The company's rent, telephone, and miscellaneous expenses are paid in cash. e. No cash has been collected on the $16.540 consulting foes earned Using the above information prepare an October 31 statement of cash flows for Ernst Consulting (Cash outflows should be indicated by a minus sign.) ERNST CONSULTING Statement of Cash Flows