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 $83,010 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 Office supplies 12,820 2,290 Rent expense Office equipment 16,900 Land 45,960 Accounts payable 7,670 $ 14,890 Cash dividends Consulting revenue Salaries expense Telephone expense Miscellaneous expenses Common stock 83,010 $ 930 12,820 2,530 5,780 790 610 Also assume the following: a. The owner's initial investment consists of $37,050 cash and $45,960 in land in exchange for its common stock. b. The company's $16,900 equipment purchase is paid in cash. c. Cash paid to employees is $400. The accounts payable balance of $7,670 consists of the $2,290 office supplies purchase and $5,380 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 $12,820 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 $ Cash flows from investing activities Cash flows from financing activities $ 0 0 0 Cash balance, December 1 Cash balance, December 31 $ 0