! 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 $ 112,200 47,000 14,500 23,000 9,500 4,300 4,100 3,300 $ 6,500 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,100 Inventory 2,480 $ 6,800 1,790 Accounts payable 4,900 5,600 Salaries payable 980 750 Utilities payable 320 210 Prepaid insurance 310 380 Prepaid rent 320 230