Required:- Prepare a statement of cash flows for flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method.

LAG Network Inc.'s balance sheet and income statement are as follows: $ 920,600 548, 200 $ 372,400 ok 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 215,800 Total operating expenses Profit from operations Income taxes Profit nt ences 241,000 $ 131,400 +14,600 $ 116,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81, 110 $ 52,800 Accounts receivable 40,400 36,800 Merchandise inventory 287,790 235,800 Equipment 146,400 136,800 Accumulated depreciation (63,800) (38, 600) Total assets $ 491,900 $ 423,600 Liabilities and Equity Accounts payable $ 23,200 $ 35,800 Income taxes payable 3,600 2,200 355,000 349,500 Common shares Prey 1 of 4 FEL Next Saved Help Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $9,600 cash. b. 2,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $42.800 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 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, 2020 Cash flows from operating activities Profit Adjustments to reconcile profit to net cash inflows from operating activities S 0 Cash flows from investing activities