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

prepare a statement of cash flows for 2020

LAG Network Inc.'s balance sheet and income statement are as follows: 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 231,800 Total operating expenses Profit from operations Income taxes Profit $ 927,600 555,200 $ 372,400 257,000 $ 115,400 17,600 $ 97,800 LAG Network Ind. Comparative Balance Sheet Information December 31 Assets 2020 2019 cash 81, 180 54,200 Accounts receivable 41,400 37400 Merchandise inventory 285, 220 246,400 Equipment 153,480 138,200 Accumulated depreciation pe 800) 445, 600) Total assets $ 490,400 S430, 600 Liabilities and Equity etwork Inc. Comparative Balance Sheet Information December 31 Assets 2020 2019 Cash $ 81,180 $ 54,200 Accounts receivable 41,400 37,400 Merchandise inventory 285,220 246,400 Equipment 153,400 138,200 Accumulated depreciation (70,800) (45,600) Total assets $ 490,400 $ 430,600 Liabilities and Equity Accounts payable $ 30,200 $ 42,800 Income taxes payable 10,600 9,200 Common shares 362,000 339,000 Retained earnings 87,600 39,600 Total liabilities and equity $ 490,400 $430,600 es Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $15.200 cash. b. 9.200 common shares are issued for cash at $2.50 per share. c. Declared and paid $49.800 of cash dividends during the year. Other information regarding LAG Network Inc.: a. All sales are credit sales. b. All credits to accounts receivable are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable result from payments for merchandise. e. Other operating expenses are cash expenses. f. The only decrease in income taxes payable is for payment of taxes. Required: Prepare a statement of cash flows for 2020 using the direct method to report ca any deduction in cash and cash outflows as negative amounts.) ces LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities: Savod Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from opera any deduction in cash and cash outflows as negative amounts.) LAG NETWORKING Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities: $ 0 Cash flows from investing activities: 0 Cash flows from financing activities e to search