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 $ 145,200 58,000 20,000 34,000 10,600 5,400 5,200 4,400 $ 7,600 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 7,200 Prior Year $ 9,000 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 3,580 2,340 6,000 7,800 1,200 860 540 320 420 600 540 340