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 $83,110 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments $ 14,550 Cash withdrawals by owner 12,940 Consulting revenue 2,400 Rent expense 45,860 Salaries expense 17,020 Telephone expense 7,820 Miscellaneous expenses 83, 110 $ 1,120 12,940 2,640 5,920 800 620 Also assume the following: a. The owner's initial investment consists of $37,250 cash and $45,860 in land. b. The company's $17,020 equipment purchase is paid in cash. C. Cash paid to employees is $500. The accounts payable balance of $7,820 consists of the $2,400 office supplies purchase and $5,420 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 $12,940 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 Cash flows from investing activities Cash flows from financing activities Cash balance, December 1 Cash balance, December 31