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 $96,000. Dividends paid during the year ended December 31, 2017, were $66,500. Accounts receivable decreased $14,000 during the year ended December 31, 2017. The cost of new buildings acquired during 2017 was $130,000. 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 $183,500 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.) 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 $ 53,000 $ 48,000 Accounts receivable 141,500 Inventory 160,500 186,500 Total current assets $ 376,000 Land 148,500 Buildings 286,500 Less: Accumulated depreciation (121,500) (105,000) Total land & buildings $ 330,000 Total assets $ 706,000 Liabilities: Current liabilities: Accounts payable $ 194,500 Note payable 159,500 127,000 Total current liabilities $ 327,500 $ 321,500 Long-term debt $ 160,000 Stockholders' Equity Common stock $ 53,000 $ 47,000 Retained earnings 177,500 Total stockholders' equity $ 224,500 Total liabilities and stockholders' equity $ 706,000 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: CA Cash flows from financing activities: $ 0 $ 0 Net increase in cash for the year Cash balance, January 1, 2017 Cash balance, December 31, 2017 0