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 $85,460 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. Cash Accounts receivable $ 6,650 18,650 Office supplies 4,640 Office equipment 19,560 Cash dividends Consulting revenue Rent expense Salaries expense Land 46,000 Telephone expense Accounts payable 9,890 Miscellaneous expenses Common stock 85,460 $ 3,490 18,650 4,920 8,500 890 700 Also assume the following: a. The owner's initial investment consists of $39,460 cash and $46,000 in land in exchange for its common stock. b. The company's $19,560 equipment purchase is paid in cash. c. Cash paid to employees is $3,250. The accounts payable balance of $9,890 consists of the $4,640 office supplies purchase and $5,250 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 $18,650 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.) ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ 0 $ 0 Cash flows from investing activities Cash flows from financing activities Cash balance, December 1 0 0 Cash balance, December 31 0