56:04 [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 $ 109,200 Expenses Cost of goods sold 46,000 Depreciation expense 14,000 Salaries expense 22,000 Rent expense 9,400 Insurance expense 4,200 Utilities expense Interest expense Net income LANSING COMPANY Selected Balance Sheet Accounts Current 4,000 3,200 $ 6,400 At December 31 Year Prior Year Accounts receivable Inventory $ 6,000 $ 6,600 2,380 1,740 Accounts payable 4,800 5,400 Salaries payable 960 740 Utilities payable 300 200 Prepaid insurance 300 360 Prepaid rent 300 220 Required: Prepare the operating activities section of the statement of cash flows using indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities-Indirect Method Cash flows from operating activities: For Current Year Ended December 31 Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities 0 0