! Required information Use the following information for the Exercises below. (Algo) [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 $14,890 12, 820 Cash dividends Consulting revenue $ 930 12, 820 2, 290 Rent expense 2, 530 Office equipment Land 16,900 Salaries expense 5, 780 45, 960 Telephone expense Accounts payable Common stock 7,670 83,010 Miscellaneous expenses 790 610 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 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.)