LAG Network Inc.'s balance sheet and income statement are as follows: $ 935,600 563,200 $ 372,400 LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses : Depreciation expense $ 25, 200 Other expenses 245,800 Total operating expenses Profit from operations Income taxes Profit 271,000 $ 101,400 25,600 $ 75,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81,260 $ 55,800 Accounts receivable 49,400 39,000 Merchandise inventory 275, 140 257,600 Equipment 161,400 139,800 Accumulated depreciation (78 (53, 600) Total assets $ 488,400 $ 438,600 Liabilities and Equity Accounts payable $ 38,200 $ 50, 800 Income taxes payable 18,600 17,200 Common shares 370,000 327,000 Retained earnings 61,600 43,600 Total liabilities and equity $ 488,400 $ 438,600 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $21,600 cash. b. 17,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $57,800 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 indirect method. (List any deduction in cash and cash outflows as negative amounts.) LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: $ 0 Cash flows from investing activities: 0 LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: $ Cash flows from investing activities: 0 Cash flows from financing activities: 0