Required information Use the following information for exercise 18 to 21 LO P2 (Static) [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting: on December 3, the owner contributed $84,000 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 Land office equipment Accounts payable Common stock $11,360 14,000 3,250 46,000 18,000 8,500 84,000 Cash dividends Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 2,000 14,000 3,550 7,000 760 580 Exercise 1-21 (Static) 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 in exchange for its common stock 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 salaries 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 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.) ERNST CONSULTING Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities Cash received from customers $ $ $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 Cash balance, December 1 Cash balance, December 31 $ 0