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 Current Year At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Prior Year $ 7,600 $ 9,800 3,980 2,540 6,400 8,600 1,280 900 620 360 460 680 620 380 Problem 12-1A (Algo) Indirect: Computing cash flows from operations LO P2 Che Problem 12-1A (Algo) Indirect: Computing cash flows from operations LO P2 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 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