Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.LANSING COMPANYIncome StatementFor Current Year Ended December 31Sales revenue $ 127,200Expenses Cost of goods sold 52,000Depreciation expense 17,000Salaries expense 28,000Rent expense 10,000Insurance expense 4,800Interest expense 4,600Utilities expense 3,800Net income $ 7,000LANSING COMPANYSelected Balance Sheet AccountsAt December 31 Current Year Prior YearAccounts receivable $ 6,600 $ 7,800Inventory 2,980 2,040Accounts payable 5,400 6,600Salaries payable 1,080 800Utilities payable 420 260Prepaid insurance 360 480Prepaid rent 420 280Problem 12-1A (Algo) Indirect: Computing cash flows from operations LO P2Required:Prepare the operating activities section of the statement of cash flows using the indirect method for the current year.Note: Amounts to be deducted should be indicated with a minus sign.