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 $ 127,200 52,000 17,000 28,000 10,000 4,800 4,600 3,800 $ 7,000 LANSING COMPANY Interest expense Utilities expense Net income Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Current Year Prior Year $ 7,800 2,040 $ 6,600 2,980 5,400 6,600 1,080. 800. 420 260 360 480 420 280