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:

1. Equipment is purchased for $24,800 cash.
2. 21,200 common shares are issued for cash at $2.50 per share.
3. 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.)