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 $927,600 555,200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses $ 25,200 229,800 Total operating expenses 255,000 Profit from operations Income taxes $117,400 17,600 Profit $ 99,800 LAG Network Inc. Comparative Balance Sheet Information December 31 Assets 2017 2016 Cash $ 81,180 $ 54,200 Accounts receivable 41,400 37,400 Merchandise inventory 287,220 246,400 Equipment 153,400 138,200 Accumulated depreciation (70,800) (45,600) Total assets $492,400 $430,600 Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings $ 30,200 10,600 362,000 89,600 $ 42,800 9,200 339,000 39,600 Total liabilities and equity $492,400 $430,600 Additional information regarding LAG Network Inc.'s activities during 2017: a. Equipment is purchased for $15,200 cash. b. 9,200 common shares are issued for cash at $2.50 per share. c. Declared and paid $49,800 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 outflows as negative amounts.) LAG NETWORK INC. Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities