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 $65,000. Accounts receivable decreased $11,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $130,000. 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 $187,000. 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. Complete this question by entering your answers in the tabs below. Required A Required B Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the last number to compute to make the balance sheet balance.) 1 ts 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. eBook Print Complete this question by entering your answers in the tabs below. ferences Required At Required B Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the last number to compute to make the balance sheet balance.) Assets: Current assets: Cash Accounts receivable Inventory Total current assets Land HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 $ 56,500 $ 46,500 134,500 160,000 191,500 $ 372,500 143,500 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: $ 56,500 $ 46,500 134,500 160,000 191,500 $ 372,500 143,500 282,000 (128,000) (109,000) $ 316,500 $ 689,000 161,000 $ 192,500 127,500 $ 328,000 $ 320,000 $ 145,000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 51,000 $ 46,500 177,500 $ 224,000 $ 689,000 Check my work Required A 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: Add (deduct) items not affecting cash: Cash flows from investing activities: Cash flows from financing activities: Add (deduct) items not affecting cash: Cash flows from investing activities: Cash flows from financing activities: Cash balance, January 1, 2020 Cash balance, December 31, 2020