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 $83,540 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. Also assume the following: a. The owner's inital investment consists of $37,600 cash and $45,940 in land in exchange for its common stock. b. The company's $17,530 equipment purchaso is paid in cash. c. Cash paid to employees is $1,230. The accounts payable balance of $8,110 consists of the $2,850 office supplies purchase and $5,260 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 $13,520 consulting revenue earned. Using the above information prepare a December statement of cash flows for Ernst Consulting. Note: Cash outflows should be indicated by a minus sign. Required information