LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2023 Sales $ 925,600 Cost of goods sold 553,200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Income taxes Profit Assets $ 25,200 225,800 251,000 $121,400 15,600 $ 105,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2023 2022 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable $ 81,160 $ 53,800 39,400 290,240 151,400 (68,800) $ 493,400 $ 28,200 8,600 360,000 96,600 37,000 243,600 137,800 (43,600) $ 428,600 $ 40,800 7,200 342,000 38,600 Income taxes payable Common shares Retained earnings Total liabilities and equity $ 493,400 $ 428,600 Additional information regarding LAG Network Inc.'s activities during 2023: share. a. Equipment is purchased for $13,600 cash. b. 7,200 common shares are issued for cash at $2.50 per c. Declared and paid $47,800 of cash dividends during the year. Required: Prepare a statement of cash flows for 2023 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, 2023 Adjustments to reconcile profit to net cash inflows from operating activities: Increase in accounts payable