LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold $924,600 552,200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses $ 25,200 223,800 Total operating expenses 249,000 Profit from operations Income taxes $123,400 14,600 Profit $108,800 LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2017 2016 Cash $ 81,150 $ 53,600 Accounts receivable 38,400 36,800 Merchandise inventory 291,750 242,200 Equipment 150,400 137,600 Accumulated depreciation (67,800) (42,600) Total assets $493,900 $427,600 Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings $ 27,200 7,600 359,000 100,100 $ 39,800 6,200 343,500 38,100 Total liabilities and equity $493,900 $427,600 Additional information regarding LAG Network Inc.'s activities during 2017 a. Equipment is purchased for $12,800 cash. b. 6,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $46,800 of cash dividends during the year. Required: Prepare a statement of cash flows for 2017 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. Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities