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 $930,600 558,200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses $ 25,200 235,800 Total operating expenses 261,000 Profit from operations Income taxes $ 111,400 20,600 Profit $ 90,800 LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2017 2016 Cash $ 81,210 S 54,800 Accounts receivable 44,400 38,000 Merchandise inventory 282,690 250,600 Equipment 156,400 138,800 Accumulated depreciation (73,800) (48,600) Total assets $490,900 S433,600 Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings $ 33,200 13,600 365,000 79,100 $ 45,800 12,200 334,500 41,100 Total liabilities and equity $490,900 $433,600 Additional information regarding LAG Network Inc.'s activities during 2017: a. Equipment is purchased for $17,600 cash. b. 12,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $52,800 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.)