-- ! Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 154,200 61,000 21,500 37,000 10,900 5,700 5,500 4,700 $ 7,900 At December 31 Accounts receivable Inventory Accounts payable Salaries payable LANSING COMPANY Selected Balance Sheet Accounts Prior Year $ 9,600 Current Year $ 7,500 3,880 2,490 6,300 8,400 1,260 890 Utilities payable Prepaid insurance Prepaid rent 600 350 450 660 600 370