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Required information Use the following information for the Problems below. [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 $124, 200 Expenses Cost of goods sold 51,000 Depreciation expense 16,500 Salaries expense 27,000 Rent expense 9,900 Insurance expense 4,700 Interest expense 4,500 Utilities expense 3,700 Net income $ 6,900 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Accounts receivable $6,500 Inventory 2,880 Accounts payable 5,300 Salaries payable 1,060 Utilities payable 400 Prepaid insurance 350 Prepaid rent 400 Prior Year $ 7,600 1,990 6,400 790 250 460 270 Problem 16-1A 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.) 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: $ Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating ActivitiesDirect Method For Current Year Ended December 31 Cash flows from operating activities