LAG Network Inc.s balance sheet and income statement are as follows:

LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales $ 939,600 Cost of goods sold 567,200 Gross profit $ 372,400 Operating expenses: Depreciation expense $ 25,200 Other expenses 253,800 Total operating expenses 279,000 Profit from operations $ 93,400 Income taxes 29,600 Profit $ 63,800

LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81,300 $ 56,600 Accounts receivable 53,400 39,800 Merchandise inventory 269,100 263,200 Equipment 165,400 140,600 Accumulated depreciation (82,800 ) (57,600 ) Total assets $ 486,400 $ 442,600 Liabilities and Equity Accounts payable $ 42,200 $ 54,800 Income taxes payable 22,600 21,200 Common shares 374,000 321,000 Retained earnings 47,600 45,600 Total liabilities and equity $ 486,400 $ 442,600

Additional information regarding LAG Network Inc.s activities during 2020:

Equipment is purchased for $24,800 cash. 21,200 common shares are issued for cash at $2.50 per share. Declared and paid $61,800 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.)