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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 31 Sales revenue $139,200 Expenses Cost of goods sold 56,000 Depreciation expense 19,000 Salaries expense 32,000 Rent expense 10,400 Insurance expense 5,200 Interest expense 5,000 Utilities expense 4,200 Net income $ 7,400 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $ 7,000 Inventory 3,380 Accounts payable 5,800 Salaries payable 1,160 Utilities payable 500 Prepaid insurance 400 Prepaid rent 500 Prior Year $ 8,600 2,240 7,400 840 300 560 320 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating ActivitiesIndirect Method For Current Year Ended December 31 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operations: Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year $ 60,400 76,340 286, 156 1,280 424,176 150,500 (40, 125) $ 534,551 $ 80,500 57,625 258,800 2,035 398,960 115,000 (49,500) $ 464,460 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings Total liabilities and equity $ 60,141 12,100 72,241 61,500 133,741 $ 125, 175 7,400 132,575 55,750 188,325 157,250 173,250 48,000 179,560 $ 534,551 118,885 $ 464,460 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales $ 617.500 $ 617,500 292,000 325,500 Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 27,750 Other expenses 139,400 Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 167,150 (12,125) 146,225 34,050 $ 112,175 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $12,125 (details in b). b. Sold equipment costing $67,875, with accumulated depreciation of $37,125, for $18,625 cash. c. Purchased equipment costing $103,375 by paying $44,000 cash and signing a long-term note payable for the balance. d. Borrowed $4,700 cash by signing a short-term note payable. e. Paid $53,625 cash to reduce the long-term notes payable. f. Issued 3,200 shares of common stock for $20 cash per share. g. Declared and paid cash dividends of $51,500. Required information FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: nces Cash flows from investing activities Cash flows from financing activities: s Prey 2 of 2 Required information Cash flows from investing activities nces Cash flows from financing activities: Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year