The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2021, appears below: Service revenue $900,000
Operating expenses 700,000
Income before income taxes 200,000
Income tax expense 50,000
Net income $150,000

The following balance sheet information also is available:

12/31/13 12/31/12
Cash $405,000 $81,000
Accounts receivable 142,000 111,000
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:
Prepare a statement of cash flows for 2013 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities.