Required information Use the following information for the Problems below. (Algo) [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 $ 130,200 53,000 17,500 29,000 10,100 4,900 4,700 3,900 $ 7,100 LANSING COMPANY Insurance expense Interest expense Utilities expense Net income Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Current Year Prior Year $ 6,700 $ 8,000 3,080 2,090 5,500 6,800 1,100 810 440 270 370 500 440 290 Required information Use the following information for the Problems below. (Algo) [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 $ 130,200 53,000 17,500 29,000 10,100 4,900 4,700 3,900 $ 7,100 LANSING COMPANY Insurance expense Interest expense Utilities expense Net income Selected Balance Sheet Accounts At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent Current Year Prior Year $ 6,700 $ 8,000 3,080 2,090 5,500 6,800 1,100 810 440 270 370 500 440 290