LAG Network Inc.'s balance sheet and income statement are as follows: Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $21,600 cash. Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $21,600 cash. b. 17,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $57,800 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 cash inflows and outflows from operating activities. (List any deduction in cash and cash outflows as negative amounts.) Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (List any deduction in cash and cash outflows as negative amounts.)