Required information [The following information applles to the questions displayed below] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83.390 in assets 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 initial investment consists of $37,480 cash and $45,910 in land. b. The company's $17,350 equipment purchase is paid in cash. c. Cash paid to employees is $1,040. The accounts payable balance of $7,970 consists of the $2,720 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 $13,320 consulting revenue earned. Using the above information prepare a December statement of cash flows for Emst Consulting. Note: Cash outflows should be indicated by a minus sign. ERNSI CUNSULIING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers Cash paid to employees Cash paid for rent Cash paid for telephone expenses Cash paid for miscellaneous expenses Net cash used by operating activities $ Cash flows from investing activities Cash paid for office equipment Net cash used by investing activities 0 Cash flows from financing activities Cash investments by owner Cash withdrawals by owner Net cash provided by financing activities Net increase in cash Cash balance, December 1 Cash balance, December 31