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 $98,500 Dividends paid during the year ended December 31, 2020, were $63,500. Accounts receivable decreased $14,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $129,500 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 $186,000 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. HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 $ Assets: Current assets: Cash Accounts receivable Inventory Total current assets Land Buildings Less: Accumulated depreciation Total land & buildings Total assets Liabilities: 56,000 $ 47,000 141,000 173,500 178,500 $366,500 140,000 285,000 (124,000) (106,000) $ 319,000 $ 685,500 Current liabilities: $ 195,000 163,000 125,500 $ 325,500 $ 320,500 $ 141,000 Accounts payable Note payable Total current liabilities Long-term debt Stockholders' Equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 53,000 $ 47,500 176,500 $ 224.000 $ 685,500 Required A Rec 2 Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: 1.66 points Add (deduct) items not affecting cash: eBook Print Cash flows from investing activities: References Cash flows from financing activities: Cash balance, January 1, 2020 Cash balance, December 31, 2020