Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with comparative data for the year ended December 31, 2019. From the statement of cash flows for the year ended December 31, 2020, you determine the following:

? Net income for the year ended December 31, 2020, was $47,000.

? Dividends paid during the year ended December 31, 2020, were $33,500.

? Accounts receivable decreased $5,000 during the year ended December 31, 2020.

? The cost of new buildings acquired during 2020 was $62,500.

? No buildings were disposed of during 2020.

? The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2020, was $89,000.

Required:

a. Complete the December 31, 2020, balance sheet. (Hint: 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, 2020, using the indirect method.

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HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets Current assets: $ 26,000 $ 23,000 Cash ... Accounts receivable 67,000 78,000 88,000 Inventory $178,000 Total current assets Land 70,000 Buildings 145,000 (52,500) Less: Accumulated depreciation (60,000) Total land and buildings $162,500 Total assets $340,500 Liabilities Current liabilities: $ 98,500 Accounts payable Note payable 77,500 62,000 Total current liabilities $161,000 $160,500 Long-term debt. $ 69,500 24 Stockholders' Equity Common stock .. S 22,500 $ 25,000 Retained earnings 88,000 Total stockholders' equity $110,500 Total liabilities and stockholders' equity $340,500