Problem 16-1A Preparing the statement of cash flows (indirect method) LO5, 6 I AG Network Inci's balance sheet and income statement are as follows: 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 activities according to the indirect method, (List any deduction in cash and cash outflows as negative amounts.)