! Required information [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 $ 148,200 Expenses Cost of goods sold 59,000 Depreciation expense 20,500 Salaries expense 35,000 Rent expense 10,700 Insurance expense Interest expense 5,300 Utilities expense 4,500 Net income $ 7,700 5,500 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 7,300 $ 9,200 Inventory 3,680 2,390 Accounts payable 6,100 8,000 Salaries payable 1,220 870 Utilities payable 560 330 Prepaid insurance 430 620 Prepaid rent 560 350 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.) X Answer is complete but not entirely correct. LANSING COMPANY Cash Flows from Operating ActivitiesDirect Method For Current Year Ended December 31 Cash flows from operating activities Cash payments for salaries $ (34,650) Cash payments for rent (10,490) X Cash payments for insurance (5,690) X Cash payments for interest (5,300) Cash payments for utilities (4,270) Cash receipts from customers 150,100 Cash payments to suppliers (62,190) olololololo Net cash provided by operating activities $ 27,510