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 $157,200 62,000 22,000 38,000 11,000 5,800 5,600 4,800 $8,000 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent $ 7,600 59,800 3,980 2,540 6,400 8.600 1,200 900 620 360 460 600 620 300 Problem 12-1A (Algo) Indirect: Computing cash flows from operations LO P2