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

LAG Network Inc.
Income Statement
For Year Ended December 31, 2017
Sales				$	933,600
Cost of goods sold					561,200
Gross profit				$	372,400
Operating expenses:
Depreciation expense	$	25,200
Other expenses		241,800
Total operating expenses					267,000
Profit from operations				$	105,400
Income taxes					23,600
Profit				$	81,800

LAG Network Inc.
Comparative Balance Sheet Information
	December 31
Assets	2017			2016
Cash	$	81,240		$	55,400
Accounts receivable		47,400			38,600
Merchandise inventory		278,160			254,800
Equipment		159,400			139,400
Accumulated depreciation		(76,800)			(51,600)
Total assets	$	489,400		$	436,600
Liabilities and Equity
Accounts payable	$	36,200		$	48,800
Income taxes payable		16,600			15,200
Common shares		368,000			330,000
Retained earnings		68,600			42,600
Total liabilities and equity	$	489,400		$	436,600

Additional information regarding LAG Network Inc.s activities during 2017:

a. Equipment is purchased for $20,000 cash. b. 15,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $55,800 of cash dividends during the year.

Required: Prepare a statement of cash flows for 2017 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.)

LAG NETWORK INC.
Statement of Cash Flows
For Year Ended December 31, 2017
Cash flows from operating activities:
Adjustments to reconcile profit to net cash inflows from operating activities:
		$0
Cash flows from investing activities:
		0
Cash flows from financing activities:
		0
		$0