The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2018, appears below. Service revenue Operating expenses Income before income taxes Income tax expense Net Income $1,220,eee 900, ese 320, eee 96, eee $ 224,00 The following balance sheet information also is available Cash Accounts receivable Accounts payable (operating expenses) Income taxes payable 12/31/18 12/31/17 $ 439,000 $90, see 160, 120, see heeeee eee Beene 55.ee 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 2018 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities 2. Prepare the cash flows from operating activities section of Diversified's 2018 statement of cash flows using the indirect method Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of cash flows for 2018 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.) DIVERSIFIED PORTFOLIO CORPORATION Statement of Cash Flows For the Year Ended December 31, 2018 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash flows from operating activities section of Diversified's 2018 statement of cash flows using the indirect method. Amounts to be deducted should be indicated with a minus sign.) DIVERSIFIED PORTFOLIO CORPORATION Statement of Cash Flows (Partial) For the Year Ended December 31, 2018 11