LAG Network Inc.'s balance sheet and income statement are as follows: $ 936, 600 564, 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 247, 800 Total operating expenses Profit from operations Income taxes Profit $ 273,000 99, 400 26,600 72, 800 S LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash 81. 270 $ 56, 000 Accounts receivable 50, 400 39,200 Merchandise inventory 273, 630 259,000 Equipment 162, 400 140,000 Accumulated depreciation (79, 800) (54, 600) Total assets $ 487, 900 $ 439, 600 Liabilities and Equity Accounts payable $ 39,200 $ 51,800 Income taxes payable 19, 600 18, 200 Common shares 371,000 325, 500 Retained earnings 58, 100 44, 100 Total liabilities and equity $ 487, 900 $ 439, 600 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $22,400 cash. b. 18,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $58,800 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.) 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: Cash flows from financing activities