On October 1, Ebony Ernst organized Ernst Consulting: on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company's records show the following items and amounts. Cash Accounts receivable office supplies Land office equipment Accounts payable Owner investments $11,360 Cash withdrawals by owner $ 2,000 14,000 Consulting revenue 14,000 3,250 Rent expense 3,550 46,000 Salaries expense 7.000 18,000 Telephone expense 760 8,500 Miscellaneous expenses 84,000 580 Exercise 1-18 Preparing a statement of cash flows LO P2 Also assume the following: a. The owner's initial investment consists of $38,000 cash and $46,000 in land, b. The company's $18,000 equipment purchase is paid in cash. c. The accounts payable balance of $8,500 consists of the $3,250 office supplies purchase and $5,250 in employee satories yet to be paid d. The company's rent, telephone, and miscellaneous expenses are paid in cash e. No cash has been collected on the $14.000 consulting fees earned. Using the above information prepare an October 31 statement of cash flows for Ernst Consulting (Cash outflows should be indicated by a minus sion.)