Following is a partially completed balance sheet for Hoeman, Inc., at December 31, 2014, together with comparative data for the year ended December 31, 2013. From the statement of cash flows for the year ended December 31, 2014, you determine the following: Net income for the year ended December 31, 2014, was $97,000. Dividends paid during the year ended December 31, 2014, were $63,500. Accounts receivable decreased $11,500 during the year ended December 31, 2014. The cost of new buildings acquired during 2014 was $131,500. No buildings were disposed of during 2014. The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2014, was $179,000.

Complete the December 31, 2014, balance sheet.

Prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method. Many firms treat increases/decreases in notes payable (or short-term debt) as financing activities rather than operating activities. For this reason, "Increases in notes payable" has been listed as the first Financing Activity. (Amounts to be deducted should be indicated by a minus sign.)

HOEMAN, INC Comparative Balance Sheets At December 31, 2014 and 2013 2014 2013 Assets Current assets: Cash Acco Inventory $52,000$46,500 140,000 184,000 370,500 145,000 275,000 (122,500) 107,000) 313,000 $ 683,500 unts receivable 164,500 Total current assets Land Buildings Less: Accumulated depreciation Total land & buildings Total assets Liabilities: Current liabilities Accounts payable Note payable $ 192,500 127,000 319,500 135,000 156,500 328,500 Total current liabilities Long-term debt Stockholders' Equity: Common stock Retained earnings 53,000 47,500 181,500 229,000 $ 683,500 Total stockholders' equity Total liabilities and stockholders' equity