statement of cashflow

LAG Network Inc.'s balance sheet and income statement are as follows: $ 922,600 550,200 $ 372,400 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 219,800 Total operating expenses Profit from operations Income taxes Profit 245,000 $ 127,400 12,600 $ 114,800 LAG Network Inc. Comparative Balance Sheet Information December 31 2020 2019 Assets Cash $ 81,130 $ 53,200 Accounts receivable 40,400 37,200 Merchandise inventory 290, 770 238,600 Equipment 148,400 137,200 Accumulated depreciation (65,800) (40,600) Total assets $ 494,900 $ 425,600 Liabilities and Equity Accounts payable $ 25,200 $ 37,800 Income taxes payable 5,600 4,200 Common shares 357,000 346,500 Retained earnings 107,100 37,100 Total liabilities and equity $ 494,900 $ 425,600 Additional information regarding LAG Network Inc.'s activities during 2020: MacBook Air Additional information regarding LAG Network Inc.'s activities during 2020: a. Equipment is purchased for $11,200 cash. b. 4,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $44,800 of cash dividends during the year. Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating act 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: $ Cash flows from investing activities: Cash flows from financing activities