Required information Use the following information for the Problems below. [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 $ 97,200 42,000 12,000 18,000 9,000 3,800 3,600 2,800 $ 6,000 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 $5,600 $5,800 1,980 1,540 4,400 4,600 880 700 220 160 260 280 220 180