Exam 2 Help Save & Exit Submit Check my work 3 The Diversified Portfolio Corporation, provides Investment advice to customers. A condensed income statement for the year ended December 31, 2024, appears below: 2 03-24: 10 Service revenue $ 1,240,000 Operating expenses 870,000 Income before income taxes Income tax expense 92,300 Net Income $ 277,500 The following balance sheet information also is available: 12/31/2424 12/31/1023 Cash $ 456,503 Accounts receivable 154,004 117, 080 Accrued liabilities (for operating expenses) 104,909 77,690 Income taxes payable 27,090 49,090 In addition, the following transactions took place during the year 1. Common stock was issued for $134,000 in cash. 2. Long-term investments were sold for $67.000 in cash. The original cost of the investments also was $67.000. 3. $97,000 in cash dividends was paid to shareholders. 4. The company has no outstanding debt. other than those payables listed above. 5. Operating expenses include $47,000 in depreciation expense. Required: 1. Prepare a statement of cash flows for 2024 for the Diversified Portfolio Corporation. Use the direct method for reporting Hill SCM A 75-F Type here to searchCheck my Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a statement of cash flows for 2024 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities. Note: Amounts to be deducted should be indicated with a minus sign. DIVERSIFIED PORTFOLIO CORPORATION Statement of CashFlows For the Year Ended December 31, 2024 Cash flows from operating activities: Not cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Fach Hour Lam Era Links 75"F A here to searchExam 2 1 Saved Help 3 02:27:46 Net cash flows from operating activities S Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Increase in cash Cash and cash equivalents, January 1 Cash and cash equivalents, December 31 $ Mc Graw Hill Links 75 F Type heris mineducation Exam 2 (i Saved method. Note: Amount to be deducted should be indicated with a minus sign. DIVERSIFIED PORTFOLIO CORPORATION Statement of Cash Flows (Partial) 02:27:37 For the Year Ended December 31, 2024 Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Changes in operating assets and Liabilities: Increase in accounts receivable Net cash flows from operating activities S Mc