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 $84,580 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. Exercise 1-21 (Algo) Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,600 cash and $45,980 in land in exchange for its common stock. b. The company's $18,550 equipment purchase is poid in cash. c. Cash pald to employees is $2,340. The accounts payable balance of $9,060 consists of the $3,830 office supplies purchase and $5,230 in employee salaries yet to be pald. d. The company's rent expense, telephone expense, and miscellaneous expenses are paid in cosh. e. No cash has yot been collected on the $16,020 consulting revenue earned. Using the above information prepare a December statement of cash flows for Einst Consulting. (Cash outflows should be indicated by a minus sign.) 1 Required information \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ For Month Ended December 31} & \\ \hline Cash flows from operating activities & & \\ \hline Cash received from customers & & \\ \hline Cash paid for office equipment & & \\ \hline Cash paid for miscellaneous expenses & & \\ \hline Cash dividends to shareholders & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Cash flows from investing activities & & \\ \hline & & \\ \hline \hline & & \\ \hline & & \\ \hline Cash flows from financing activities & & \\ \hline & & \\ \hline Cash dividends to shareholders & & \\ \hline & & \\ \hline Net cash provided by operating activities & & \\ \hline Net decrease in cash & & \\ \hline Cash balance, December 1 & & \\ \hline \end{tabular}