The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2016, appears below:

Service revenue	$	1,220,000
Operating expenses		900,000
Income before income taxes		320,000
Income tax expense		96,000
Net income	$	224,000

The following balance sheet information also is available:

	12/31/16		12/31/15
Cash	$	439,000	$	90,000
Accounts receivable		160,000		120,000
Accounts payable (operating expenses)		110,000		80,000
Income taxes payable		30,000		55,000

In addition, the following transactions took place during the year:
1.	Common stock was issued for $140,000 in cash.
2.	Long-term investments were sold for $70,000 in cash. The original cost of the investments also was $70,000.
3.	$100,000 in cash dividends was paid to shareholders.
4.	The company has no outstanding debt, other than those payables listed above.
5.	Operating expenses include $50,000 in depreciation expense.

Required:
1.	Prepare a statement of cash flows for 2016 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)