[The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $82,780 in assets in exchange for its common stock to launch the business. On December 31, the companys records show the following items and amounts.

Cash$ 15,760

Cash dividends$ 640

Accounts receivable 12,590

Consulting revenue12,590

Office supplies1,960Rent expense2,270

Office equipment16,580

Salaries expense5,450

Land46,030Telephone expense760

Accounts payable 7,250

Miscellaneous expenses580

Common stock 82,780

Preparing a statement of cash flows

1. The owners initial investment consists of $36,750 cash and $46,030 in land in exchange for its common stock.
2. The companys $16,580 equipment purchase is paid in cash.
3. Cash paid to employees is $160. The accounts payable balance of $7,250 consists of the $1,960 office supplies purchase and $5,290 in employee salaries yet to be paid.
4. The companys rent expense, telephone expense, and miscellaneous expenses are paid in cash.
5. No cash has yet been collected on the $12,590 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.)