LAG Network Inc.s balance sheet and income statement are as follows: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method

LAG Network Inc.'s balance sheet and income statement are as follows: $ 929,600 557,200 $ 372,400 LAG Network Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 25, 200 Other expenses 233,800 Total operating expenses Profit from operations Income taxes 259,000 $ 113,400 19,600 $ 93,800 Profit LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81,200 $ 54,600 Accounts receivable 43,400 37,800 Merchandise inventory 284, 200 249,200 Equipment 155,400 138,600 Accumulated depreciation (72,800) (47,600) Total assets $ 491,400 $ 432,600 Liabilities and Equity Accounts payable $ 32,200 $ 44,800 Income taxes payable 12,600 11,200 Common shares 364,000 336,000 Retained earnings 82,600 40,600 Total liabilities and equity $ 491,400 $ 432,600 Additional information regarding LAG Network Inc.'s activities during 2020: a. There were no sales of any equipment during the year. b. Common shares are issued for cash during the year. c. Cash dividends were declared and paid of 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 (13 marks available). (List any deduction in cash and cash outflows as negative amounts.) LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities