LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales $ 929,600 Cost of goods sold 557,200 Gross profit $ 372,400 Operating expenses: Depreciation expense $ 25,200 Other expenses 233,800 Total operating expenses 259,000 Profit from operations $ 113,400 Income taxes 19,600 Profit $ 93,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81,200 $ 54,600 Accounts receivable 43,400 37,800 Merchandise inventory 284,200 249,200 Equipment 155,400 138,600 Accumulated depreciation (72,800 ) (47,600 ) Total assets $ 491,400 $ 432,600 Liabilities and Equity Accounts payable $ 32,200 $ 44,800 Income taxes payable 12,600 11,200 Common shares 364,000 336,000 Retained earnings 82,600 40,600 Total liabilities and equity $ 491,400 $ 432,600 Additional information regarding LAG Network Inc.s activities during 2020: Equipment is purchased for $16,800 cash. 11,200 common shares are issued for cash at $2.50 per share. Declared and paid $51,800 of cash dividends during the year.

Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outflows as negative amounts.)