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

LAG Network Inc.
Income Statement
For Year Ended December 31, 2020
Sales				$	926,600
Cost of goods sold					554,200
Gross profit				$	372,400
Operating expenses:
Depreciation expense	$	25,200
Other expenses		227,800
Total operating expenses					253,000
Profit from operations				$	119,400
Income taxes					16,600
Profit				$	102,800

LAG Network Inc.
Comparative Balance Sheet Information
	December 31
	2020				2019
Assets
Cash	$	81,170			$	54,000
Accounts receivable		40,400				37,200
Merchandise inventory		288,730				245,000
Equipment		152,400				138,000
Accumulated depreciation		(69,800	)			(44,600	)
Total assets	$	492,900			$	429,600
Liabilities and Equity
Accounts payable	$	29200			$	41,800
Income taxes payable		9,600				8,200
Common shares		361,000				340,500
Retained earnings		93,100				39,100
Total liabilities and equity	$	492,900			$	429,600

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

1. Equipment is purchased for $14,400 cash.
2. 8,200 common shares are issued for cash at $2.50 per share.
3. Declared and paid $48,800 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.)