LAG Network Inc.'s balance sheet and income statement are as follows: Sales LAG Network Inc. Income Statement For Year Ended December 31, 2020 Cost of goods sold $ 937,600 565,200 $ 372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 249,800 LAG Network Inc. Comparative Balance Sheet Information Cash Accounts receivable 275,000 $ 97,400 27,600 $ 69,800 December 31 2020 2019 $ 81,280 51,400 $ 56,200 39,400 272,120 Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings Total liabilities and equity 163,400 (80,800) $ 487,400 $ 40,200 260,400 140,200 (55,600) $ 440,600 52,800 19,200 20,600 372,000 54,600 324,000 44,600 $ 487,400 $ 440,600 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $23,200 cash. b. 19,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $59,800 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