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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 $ $157,200$

Expenses

Cost of goods sold $62,000$

Depreciation expense $22,000$

Salaries expense $38,000$

Rent expense $11,000$

Insurance expense $5,800$

Interest expense $5,600$

Utilities expense $4,800$

Net income $ $8,000$

LANSING COMPANY

Selected Balance Sheet Accounts

At December $31$ Current Year Prior Year

Accounts receivable $ $7,600$ $ $9,800$

Inventory $3,9802,540$

Accounts payable $6,4008,600$

Salaries payable $1,280900$

Utilities payable $620360$

Prepaid insurance $460680$

Prepaid rent $620380$

Problem $12-1$A $($Algo$)$ Indirect: Computing cash flows from operations LO P$2$

Required:

Prepare the operating activities section of the statement of cash flows using the indirect method for the current year.

Note: Amounts to be deducted should be indicated with a minus sign.