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 expenset Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $127,200 52,000 17,000 28,000 10,000 4,800 4,600 3,800 $ 7,000 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Current Year Prior Year $ 6,600 $ 7,800 2,980 2,040 5,400 6,600 1,080 800 420 260 360 480 420 280 Problem 12-1A 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.) 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 For Current Year Ended December 31 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operations: 0 S 0