2 Following is a partialy 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: 166 Doints Net Income for the year ended December 31, 2020, was $94.500, Dividends paid during the year ended December 31, 2020, were $65.000 Accounts receivable decreased $12,500 during the year ended December 31, 2020, The cost of new buildings acquired during 2020 was $127.000, 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 $187,500 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. 2 2019 1.66 points HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 Assets: Current assets: Cash $ 52,500 Accounts receivable 129,500 Inventory 156,500 Total current assets $ 338,500 Land 142,500 Buildings 414,000 Less: Accumulated depreciation (123,000) Total land & buildings $ 433,500 Total assets $ 772,000 Liabilities: Current liabilities: Accounts payable $ 172,000 Note payable 157,000 Total current liabilities $ 329,000 Long-term debt Stockholders' Equity: Common stock $ 53,000 Retained earnings 208,500 Total stockholders' equity $ 261,500 Total liabilities and stockholders' equity $ 46,500 142,000 182,500 $ 371,000 142,500 287,000 (105,500) $ 324,000 $ 695,000 S 192,500 129,000 $ 321,500 $ 148,000 $ 46,500 179,000 $ 225,500 $ 695,000