LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 938, 600 566, 200 $ 372,400 $ 25, 200 251, 800 277,000 95, 400 28, 600 $ 66,800 LAG Network Inc. Comparative Balance Sheet Information Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings Total liabilities and equity December 31 2020 2019 $ 81, 290 $ 56,400 52, 400 39, 600 270, 610 164, 400 (81, 800) 261, 800 140, 400 (56, 600) $ 441,600 $ 53,800 $ 486,900 $ 41, 200 21, 600 373, 000 51, 100 45, 100 $ 486, 900 $ 441,600 20, 200 322, 500 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $24,000 cash. b. 20,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $60,800 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.) 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.) Cash flows from operating activities: LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2020 Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: $ 0 0 0 $ 0