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 $ 154,200 61,000 21,500 37,000 10,900 5,700 5,500 4,700 $ 7,900 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 $ 7,500 $ 9,600 3,880 2,490 6,300 8,400 1,260 890 600 350 450 660 600 370