Following is a partially completed balance sheet for Hoeman, Inc., at December 31, 2017, together with comparative data for the year ended December 31, 2016. From the statement of cash flows for the year ended December 31, 2017, you determine the following: Net income for the year ended December 31, 2017, was $95,500. Dividends paid during the year ended December 31, 2017, were $65,000. Accounts receivable decreased $13,500 during the year ended December 31, 2017. The cost of new buildings acquired during 2017 was $126,500. No buildings were disposed of during 2017 The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2017, was $191,500. Required: a. Complete the December 31, 2017, balance sheet. (Hint: Long-term debt is the last number to compute to make the balance sheet balance.) HOEMAN, INC. Comparative Balance Sheets At December 31, 2017 and 2016 2017 2016 Assets: Current assets: Cash $ 52,500 $ 49,000 Accounts receivable 131,000 135,500 Inventory 171,500 189,500 Total current assets $ 374,000 Land 149,500 Buildings 273,500 Less: Accumulated depreciation (129,500) (111,000) Total land & buildings $ 312,000 Total assets $ 686,000 Liabilities: Current liabilities: Accounts payable $ 190,500 Note payable 156,000 126,000 Total current liabilities $ 328,000 $ 316,500 Long-term debt $ 141,500 Stockholders' Equity: Common stock $ 50,000 $ 47,500 Retained earnings 180,500 Total stockholders' equity $ 228,000 Total liabilities and stockholders' equity $ 686,000 b. Prepare a statement of cash flows for the year ended December 31, 2017, 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, 2017 Cash flows from operating activities: Add (deduct) items not affecting cash: $ 0 Cash flows from investing activities: $ 0 Cash flows from financing activities: $ $ ola Cash balance, January 1, 2017 Cash balance, December 31, 2017 0