(Solved): Required information Use the following information for the Exercises below. (Static) [The following ...

Required information Use the following information for the Exercises below. (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. 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. Cash paid to employees is \( \$ 1,750 \). 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 expense, telephone expense, and miscellaneous expenses are paid in cash. e. No cash has yet 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.)