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Cash flow statement:The diversified Portfolio Corp. provides investment advice to customers. A condensed income statementfor the year ended December 31, 2016 is below:Service RevenueCost of goods soldGross Profit$222508000$14250Depreciation Expense1600Selling and Admin. Expenses6000Interest Expense400Income before income taxes6250Income tax expense2500Net Income$3750Depreciation expense for the year was $1600.The following balance sheet information is also available:Additional information:Diversified sold a piece of equipment with a book value of $500 for $500 cash. Original cost of theequipment was $1500 and its accumulated depreciation was $1000.Dividends of $1000 were declared and paid.A note payable due in 10 years was taken out from the bank during the current year.*Prepare the cash flow statement (using the Indirect method and/or direct method)
