LAG Network Inc.'s balance sheet and Income statement are as follows: $ 927,600 555,200 $ 372,480 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 229,800 Total operating expenses Profit from operations Income taxes Profit 255,000 $ 117,480 17,600 $ 99,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81,189 $ 54,200 Accounts receivable 41,480 37,480 Merchandise inventory 287,220 246,400 Equipment 153,480 138,200 Accumulated depreciation (70,880) (45,600) Total assets $ 492,400 $ 430,600 Liabilities and Equity Accounts payable $ 30,200 $ 42,800 Income taxes payable 10,600 9,200 Common shares 362,000 339, eee Retained earnings 89,600 39,600 Total liabilities and equity $ 492,400 $ 430,600 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. 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.) LAG NETWORK INC