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 $923,600 551,200 $372,400 Gross profit Operating expenses: Depreciation expense Other expenses $ 25,200 221,800 Total operating expenses 247,000 Profit from operations Income taxes $125,400 13,600 Profit $111,800 LAG Network Inc. Comparative Balance Sheet Information Dacamber 31 Assets Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation 2017 39,400 149,400 2016 81,140 53,400 37,000 291,260240,400 137,400 (66,800 (41,600) Total assets $494,40O $426,600 Liabilities and Equity Accounts payable Income taxes payable Common shares Retained earnings 6,600 358,000 103,600 26,200 38,800 5,200 345,000 37,600 Total liabilities and equity $494,400 $426,600 Additional information regarding LAG Network Inc.'s activities during 2017: a. Equipment is purchased for $12,000 cash b. 5,200 common shares are issued for cash at $2.50 per share C. Declared and paid $45,800 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.) Required Prepare a statement of cash flows for 2017 that reports the cash inflows and outflows from operating a 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