[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,310 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 $ 10,200 Cash dividends 15,200 Consulting revenue 3,550 18,310 Rent expense 45,990 Telephone expense Salaries expense 8,740 Miscellanegus expenses 84,310 $ 2,340 15,200 3,910 7,350 790 610 Also assume the following: a. The owner's initial investment consists of $38,320 cash and $45,990 in land in exchange for its common stock. b. The company's $18,310 equipment purchase is paid in cash. c. Cash paid to employees is $2,160. The accounts payable balance of $8,740 consists of the $3,550 office supplies purchase and $5,190 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 $15,200 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.) Required information ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers 0 610 Cash paid for miscellaneous expenses Cash paid for rent 3,910 Cash paid for telephone expenses 790 Cash paid to employees 2,160 Net cash provided by operating activities $ 7,470 Cash flows from investing activities 5 Cash paid for office equipment 18,310 Net cash provided by financing activities 18,310 Cash flows from financing activities Cash investments from shareholders Cash dividends to shareholders Net cash provided by financing activities Cash balance, December 1 Cash balance, December 31 0 $ 0