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 $97,500. Dividends paid during the year ended December 31, 2020, were $65,500. Accounts receivable decreased $13,000 during the year ended December 31, 2020 The cost of new buildings acquired during 2020 was $131,000. 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 $196,000. Required: a. Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the last number to compute to make the b. Prepare a statement of cash flows for the year ended December 31, 2020, using the Indirect method. Complete this question by entering your answers in the tabs below. Required Required B Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) HOEMAN INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Net income $ 97,500 Add (deduct) items not affecting cash: Depreciation expense 18,000 Decrease in accounts payable 13,000 Decrease in inventory Decrease in accounts payable Increase in note payable $ 128,500 Cash flows from investing activities: Cash paid to acquire new buildings $ 0 Cash flows from financing activities: Cash received from Issuance of common stock Cash received from issuance of long-term debt Payment of cash dividends on common stock Net cash provided by financing activities $ 0 $ 128,500 Cash balance, January 1, 2020 Cash balance, December 31, 2020 Complete the December 31, 2020, balance sheet. (Hint: Long-term det balance sheet balance.) 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: Current liabilities: Accounts payable Note payable Total current liabilities Long-term debt Stockholders' Equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 52,500 $ 46,500 132,000 145,000 170,000 186,500 $ 354,500 $ 378,000 149,000 149,000 407,500 276,500 (126,500) (108,500) $ 430,000 $ 317,000 $ 784,500 $ 695,000 $ 169,500 $ 189,500 157,500 128,000 $ 327,000 $ 317,500 $ 152,500 51,000 $ 46,000 211,000 179,000 $ 262,000 $ 225,000 $ 695,000 Required A Required B