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 $115,200 Expenses Cost of goods sold 48,000 Depreciation expense 15,000 Salaries expense 24,000 Rent expense 9,600 Insurance expense Interest expense 4,400 4,200 Utilities expense 3,400 Net income $ 6,600 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 $6,200 $7,000 2,580 1,840 5,000 5,800 1,000 760 340 220 320 400 340 240