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LAG Network Inc.'s balance sheet and income statement are as follows: 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 227,800 Total operating expenses Profit from operations Income taxes $ 926,600 554,200 $ 372,400 253,000 $ 119,400 16,600 $ 102,800 Profit LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81,170 $ 54,000 Accounts receivable 40,400 37,200 Merchandise inventory 288,730 245,000 Equipment 152,400 138,000 Accumulated depreciation (69,800) (44,600) Total assets $ 492, 900 $ 429,600 Liabilities and Equity Accounts payable $ 29200 $ 41,800 Income taxes payable 9,600 8, 200 Common shares 361,000 340, 500 Retained earnings 93, 100 39, 100 Total liabilities and equitv $ 492.900 $ 429,600 LOON P 40,400 288,730 152,400 (69,800) $ 492,900 Muy 37,200 245,000 138,000 (44,600) $ 429,600 Accounts receivable Merchandise inventory Equipment Accumulated depreciation Total assets Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings Total liabilities and equity $ 29200 9,600 361,000 93,100 $ 492,900 $ 41,800 8,200 340,500 39,100 $ 429,600 Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $14,400 cash. b. 8,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $48,800 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 accord indirect method. (List any deduction in cash and cash outflows as negative amounts.)