! 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 $84,780 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 $ 8,990 Cash dividends 16,540 Consulting revenue 3,930 Rent expense 18,660 Salaries expense 45,980 Telephone expense 9,170 Miscellaneous expenses 84,780 $ 2,830 16,540 4,300 7,740 850 670 Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,800 cash and $45,980 in land in exchange for its common stock b. The company's $18,660 equipment purchase is pald in cash. c. Cash paid to employees is $2,500. The accounts payable balance of $9,170 consists of the $3,930 office supplies purchase and $5,240 in employee salaries yet to be paid d. The company's rent expense, telephone expense, and miscellaneous expenses are pold in cash. e. No cash has yet been collected on the $16,540 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)