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The Diversified Portfollo 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 $ 1,808,800 750,806 258,808 75,8ee $ 175,80e The following balance sheet Information also is available: Cash Accounts receivable Accounts payable (operating expenses) Income taxes payable 12/31/18 12/31/17 345,808 75,000 13e,eee 1e5,e0e 65,8e0 15,eee , 25,00 8e,0ee in addition, the following transactions took place during the year 1. Common stock was issued for $110,000 In cash. 2 Long-term investments were sold for $55.000 in cash. The original cost of the Investments also was $55,000. 3. $85.000 in cash dividends was paid to shareholders. 4 The company has no ourtstanding debt, other than those payables listed above 5. Operating expenses Include $35,000 in depreclation expense Required: 1. Prepare a statement of cash flows for 2018 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activitles. 2. Prepare the cash flows from operating activities section of Diversified's 2018 statement of cash flows using the Indirect method. Prepare the cash flows from operating activities section of Diversified's 2018 stat 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