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 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 133,200 54,000 18,000 30,000 10,200 5,000 4,800 4,000 $ 7,200 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 $ 6,800 $ 8,200 3,180 2,140 5,600 7,000 1,120 820 460 280 380 520 460 300