Following is a partially completed balance sheet for Hoeman, Inc., at December 31, 2011, together with comparative data for the year ended December 31, 2010. From the statement of cash flows for the year ended December 31, 2011, you determine the following:

• Net income for the year ended December 31, 2011, was $94,000.

• Dividends paid during the year ended December 31, 2011, were $67,000.

• Accounts receivable decreased $10,000 during the year ended December 31, 2011.

• The cost of new buildings acquired during 2011 was $125,000.

• No buildings were disposed of during 2011.

• The land account was not affected by any transactions during the year, but the fair market value of the land at December 31, 2011, was $178,000.

Required:
a. Complete the December 31, 2011, balance sheet.
b. Prepare a statement of cash flows for the year ended December 31, 2011, using the indirectmethod.

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HOEMAN, INC. Comparative Balance Sheets At December 31, 2011 and 2010 2011 2010 Assets Current assets: 134,000 176,000 S 356,000 140,000 290,000 Inventory 156,000 Total current assets _ Buildings 325,000 S 681,000 Total land and buildings Liabilities Current liabilities: Accounts payable Note payable $ 197,000 124,000 322,000 $321,000 $ 139,000 155,000 Total current liabilities. . Owners' Equity Retained earnings. 176,000 g 221,000 S681,000 Total owners' equity ...^...$ Total liabilities and owners' equity