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1 Problem 16-1A Preparing the statement of cash flows (indirect method) L05,6 CHECK FIGURE: Net cash inflow from operating activities-$67,200 LAG Network Inc.'s balance sheet and income statement are as follows: LAG Network Inc. Income Statement For Year Ended December 31, 2017 LAG Network Inc. Comparative Balance Sheet Information December 31 2017 Sales... Cost of goods sold $29,600 557.200 $372,400 Assets 2016 43,400 37,800 284,200 249,200 Operating expenses Merchandise inventoru Depreciation expense Other expenses. 233,800 $25,200 Accumulated depreciation Total assets Liabilities and Equity Accounts payable..32,200 (72,800) (47,600) 259,000 $113,400 19,600 $93,800 $491,400 $432,600 Profit from operations. Income taxes Profit . 44,800 12,600 11,200 364,000 336,000 82,600 40,600 Common shares . ..3 Additional information regarding LAG Network Inc.'s activities during 2017: a. Equipment is purchased for $16,800 cash. b. 11,200 common shares are issued for cash at $2.50 per share c. Declared and paid $51,800 of cash dividends during the year CHAPTER 16 Reporting and Analyzing Cash Flows Required Prepare a statement of cash flows for 2017 that reports the cash inflows and outflows fronm operating activities according to the indirect method. Show your supporting calculations Analysis Component: Assume that LAG Network Inc. had a loss instead of a profit. Does a loss mean that there will always be a cash outflow from operating activities on the statement of cash flows