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 $85,160 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 office equipment Land Accounts payable Common stock $ 7,520 Cash dividends. 17,950 Consulting revenue 4,310 Rent expense 19,190 Salaries expense 46,000 Telephone expense 9,600 Miscellaneous expenses 85,160 $ 3,190 17,950 4,720 8,220 900 710 Also assume the following: a. The owner's initial investment consists of $39,160 cash and $46,000 in land in exchange for its common stock. b. The company's $19,190 equipment purchase is paid in cash. c. Cash paid to employees is $2,930. The accounts payable balance of $9,600 consists of the $4,310 office supplies purchase and $5,290 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 $17,950 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 Cash flows from investing activities Cash flows from financing activities $ 0 69 $ 0 0 0 Cash balance, December 1 Cash balance, December 31 $ 0