Use the following information for the Problems below. $($Algo$)$ Lansing Company's current$-$year income statement and selected balance sheet data at December $31$ of the current and

prior years follow.

Problem $12-1$A $($Algo$)$ Indirect: Computing cash flows from operations LO P$2$

Required:

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.

$[$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.

$\backslash$table$[[\backslash$table$[[$LANSING COMPANY$]]],[$Sales revenue,$$142,200],[$Expenses$],[$Cost of goods sold,$57,000],[$Depreciation expense,$19,500],[$Salaries expense,$33,000],[$Rent expense,$10,500],[$Insurance expense,$5,300],[$Interest expense,$5,100],[$Utilities expense,$4,300],[$Net income,$$7,500]]$

$\backslash$table$[[$LANSING COMPANY$],[$Selected$,$Balance Sheet Accounts,,$],[$At December $31,$Current Year,Prior Year,$],[$Accounts receivable,$$7,100,$$$8,800,],[$Inventory$,3,480,2,290,],[$Accounts payable,$5,900,7,600,],[$Salaries payable,$1,180,850,],[$Utilities payable,$520,310,],[$Prepaid insurance,$410,580,],[$Prepaid rent,$520,330,]]$

Problem $12-1$A $($Algo$)$ Indirect: Computing cash flows from operations LO P$2$

Required:

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.

$\backslash$table$[[$LANSING COMPANY,,$],[$For Current Year Ended December $31,,],[$Cash flows from operating activities:,,$],[,,],[$Adjustments to reconcile net income to net cash provided by operations:,,$],[$Income statement items not affecting cash,,$],[,,],[$Changes in current assets and current liabilities,,$],[,,],[,,],[,,],[,,],[,,],[,,]]$