29 Required information [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 Sales revenue 31 $ 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 $ 7,500 Net income LANSING COMPANY Selected Balance Sheet Accounts Current At December 31 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