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 $ 145, 280 Expenses Cost of goods sold 58,800 Depreciation expense 20,000 Salaries expense 34,000 Rent expense 10,600 Insurance expense 5,400 Interest expense 5,200 Utilities expense 4,400 Net Income $ 7,600 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 7,200 59,000 Inventory 3,580 2,340 Accounts payable 6,000 7,800 Salaries payable 1,200 860 Utilities payable 540 320 Prepaid insurance 420 600 Prepaid rent 540 340 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.) Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the deducted should be indicated with a minus sign.) LANSING COMPANY Cash Flows from Operating Activities Indirect Method For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Income statement items not affecting cash Changes in current assets and current liabilities