The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2016, appears below Service revenue Operating expenses $1,120,000 810,000 Income before income taxes310,000 Income tax expense 93,000 Net income $ 217,000 The following balance sheet information also is available: 12/31/16 12/31/15 $405,000 $ 81,000 142,000 111,000 Cash Accounts receivable Accounts payable (operating expenses)92,000 71,000 Income taxes payable 21,000 37,000 In addition, the following transactions took place during the year 1 Common stock was issued for $122,000 in cash. 2. Long-term investments were sold for $61,000 in cash. The original cost of the investments also was $61,000 3. $91,000 in cash dividends was paid to shareholders 4. The company has no outstanding debt, other than those payables listed above 5. Operating expenses include $41,000 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.)