LAG Network Inc.'s balance sheet and income statement are as follows: 15 $ 932,600 56e, zee $ 372,488 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 236,800 Total operating expenses Profit from operations Income taxes Profit 262,eee $ 119,480 22,600 $ 87,8ee $ $ LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2e2e 2019 Cash 81,230 55,280 Accounts receivable 46,400 38,40e Merchandise inventory 282,670 253,488 Equipment 158,400 139,280 Accumulated depreciation (75,880) (50,600) Total assets $ 492,900 $ 435,6ee Liabilities and Equity Accounts payable $ 35,200 $ 47,800 Income taxes payable 15,600 14,200 Common shares 367,00 331,500 Retained earnings 75,180 42,1ee Total liabilities and equity $ 492,90e $ 435,6ee Additional information regarding LAG Network Inc.'s activities during 2020: Mc raw Prepare a statement of cash flows for 2020 using the direct method to report cash inflo any deduction in cash and cash outflows as negative amounts.) ForYear Endoo Cash flows from operating activities Cash received from customers 932,600 Cash paid for other operating expenses Cash paid for merchandise inventory Cash paid for income taxes $ 932,600 Net cash inflow from operating activities Cash flows from investing activities Cash paid for equipment 0 Net cash outflow from investing activities Cash flows from financing activities: Cash paid for dividends Cash received from issuing common shares 0 Net cash outflow from financing activities Net increase in cash Cash balance at beginning of 2020 Cash balance at end of 2020 $