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 $937,600 565.200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses $ 25,200 249.800 Total operating expenses 275,000 Profit from operations Income taxes 27,600 Profit LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2017 2016 Cash $ 81,280 $ 56.200 Accounts receivable 51.400 39.400 Merchandise inventory 272.120 200.400 163.400 140.200 Equipment Accumulated depreciation (50 800) (55.600) $487.400 $440 600 Total assets $ 52.800 Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings $ 40,200 20.000 372 000 54.600 324.000 44.600 5487 400 5440,000 it Total abilities and Cher 15 Orans sertanel Additional Information regarding LAG Network Inc.'s activities during 2017: a. Equipment is purchased for $23,200 cash. b. 19,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $59,800 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 outflow amounts) LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile profitto nel cash inflows from Cash flows from inve MacBook Air