Following is a partially completed balance sheet for Hoeman, Inc., at December 31, 2014, together with comparative data for the year ended December 31, 2013. From the statement of cash flows for the year ended December 31, 2014, you determine the following:

	Net income for the year ended December 31, 2014, was $98,500.
	Dividends paid during the year ended December 31, 2014, were $64,000.
	Accounts receivable decreased $13,500 during the year ended December 31, 2014.
	The cost of new buildings acquired during 2014 was $133,500.
	No buildings were disposed of during 2014.
	The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2014, was $197,000.

a.	Complete the December 31, 2014, 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, 2014 and 2013
	2014	2013
Assets:
Current assets:
Cash	$55,000	$48,500
Accounts receivable		141,500
Inventory	165,000	180,500
Total current assets		370,500
Land		142,000
Buildings		273,500
Less: Accumulated depreciation	(132,500)	(114,500)
Total land & buildings		301,000
Total assets		$671,500
Liabilities:
Current liabilities:
Accounts payable		$187,000
Note payable	163,000	126,500
Total current liabilities	322,500	313,500
Long-term debt		126,000
Stockholders' Equity:
Common stock	54,000	48,500
Retained earnings		183,500
Total stockholders' equity		232,000
Total liabilities and stockholders' equity		$671,500

(b) Prepare a statement of cash flows for the year ended in December 31, 2014 using the indirect method.