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 $62,000. Accounts receivable decreased $14,500 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $132,000. 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 $197,000. 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. a. 1 L L E I . --- ---------- -- LI. - L-I. - I.-I--- 2019 $ Comparative Balance Sheets At December 31, 2020 and 2019 2020 Assets: Current assets: Cash $ 54,500 Accounts receivable Inventory 162,500 Total current assets Land Buildings Less: Accumulated depreciation (126,500) Total land & buildings Total assets $ 46,500 140,000 189,000 375,500 145,000 273,000 (109,500) 308,500 684,000 $ $ Liabilities: $ 164,000 328,500 195,500 124,500 320,000 131,000 $ $ $ 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 $ 52,000 $ 47,500 185,500 233,000 684,000 $ $ HOEMAN INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Net income Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Decrease in inventory Decrease in accounts payable Cash flows from investing activities: Cash paid to acquire new buildings Cash flows from financing activities: Cash received from issuance of long-term debt Cash received from issuance of common stock Payment of cash dividends on common stock Cash balance. January 1. 2020