LAG Network Inc.s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2023 Sales $ 928,600 Cost of goods sold 556,200 Gross profit $ 372,400 Operating expenses: Depreciation expense $ 25,200 Other expenses 232,800 Total operating expenses 258,000 Profit from operations $ 114,400 Income taxes 18,600 Profit $ 95,800 LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2023 2022 Cash $ 81,190 $ 54,400 Accounts receivable 42,400 37,600 Merchandise inventory 284,710 247,800 Equipment 154,400 138,400 Accumulated depreciation (71,800 ) (46,600 ) Total assets $ 490,900 $ 431,600 Liabilities and Equity Accounts payable $ 31,200 $ 43,800 Income taxes payable 11,600 10,200 Common shares 363,000 337,500 Retained earnings 85,100 40,100 Total liabilities and equity $ 490,900 $ 431,600 Additional information regarding LAG Network Inc.s activities during 2023: Equipment is purchased for $16,000 cash. 10,200 common shares are issued for cash at $2.50 per share. Declared and paid $50,800 of cash dividends during the year. Other information regarding LAG Network Inc.: All sales are credit sales. All credits to accounts receivable are receipts from customers. All purchases of merchandise are on credit. All debits to accounts payable result from payments for merchandise. Other operating expenses are cash expenses. The only decrease in income taxes payable is for payment of taxes. Required: Prepare a statement of cash flows for 2023 using the direct method to report cash inflows and outflows from operating activities. (List any deduction in cash and cash outflows as negative amounts.)