2019 Comparative Balance Sheets At December 31, 2020 and 2019 2020 Assets: Current assets: Cash $ 53,500 $ Accounts receivable Inventory 168,500 Total current assets $ Land Buildings Less: Accumulated depreciation (121,000) Total land & buildings $ Total assets $ 46,500 141,500 180,000 368,000 149,000 280,000 (105,000) 324,000 692,000 $ 195,000 162,000 127,000 Liabilities: Current liabilities: Accounts payable Note payable Total current liabilities Long-term debt Stockholders' Equity: Common stock $ 327,000 $ 322,000 142,500 $ $ 51,500 $ Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 47,500 180,000 227,500 692,000 $ $ 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 $96,500. Dividends paid during the year ended December 31, 2020, were $66,000. Accounts receivable decreased $14,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $132,000. 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 $185,500. 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. HOEMAN INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Add (deduct) items not affecting cash: $ 0 Cash flows from investing activities: Cash paid to acquire new buildings $ (132,000) $ (132,000) Cash flows from financing activities: $ $ $ (132,000) wwwwwwwwwww Cash balance, January 1, 2020 Cash balance, December 31, 2020 $ (132,000)