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 $ 151,200 Expenses Cost of goods sold 60,000 Depreciation expense 21,000 Salaries expense 36,000 Rent expense 10,800 Insurance expense 5,600 Interest expense 5,400 Utilities expense 4,600 Net income $ 7,800 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 7,400 $ 9,400 Inventory 3,780 2,440 Accounts payable 6,200 8,200 Salaries payable 1,240 880 Utilities payable 580 340 Prepaid insurance 440 640 Prepaid rent 580 360 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: Income statement items not affecting cash Changes in current assets and current liabilities