Following is a partially completed balance sheet for Hoeman, Inc., at December 3l, 2017, together with comparative data for the year ended December 31, 2016 From the statement of cash flows for the year ended December 31, 2017, you determine the following:

• Net income for the year ended December 31, 2017, was $47,000.

• Dividends paid during the year ended December 31, 2017, were $33,500.

• Accounts receivable decreased $5,000 during the year ended December 31, 2017.

• The cost of new buildings acquired during 2017 was $62.500.

• No buildings were disposed of during 2017.

• The land account as not at affected by any transactions during the year, but the fair value of the land at December 31, 2017, was $89,000.

Required:

a. Complete the December 31, 2017, balance sheet. (Long-term debt is the last number to compute to make the balance sheet balance.)

b. Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method.

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HOEMAN, INC. Comparative Balance Sheets At December 31, 2017 and 2016 2017 2016 Assets Current assets: 26,000 S 23,000 67,000 88,000 $178,000 70,000 145.000 52,500) $162,500 $340,500 Cash 78,000 Total current assets Land Buildings Less: Accumulated depreciation . - (60,000) Total land and buildings Total assets Liabilities Current labilities: Accounts payable Note payable S 98,500 62,000 77,500 Total current liabilities $161,000 Long-term debt Stockholders' Equity Common stock Retained eanings S 69,500 S 25,000 22,500 88,000 $110,500 $340,500 Total stockholders' equity Total liabilities and stockholders' equity