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 $95,500. Dividends paid during the year ended December 31, 2020, were $63,000. Accounts receivable decreased $12,000 during the year ended December 31, 2020. . The cost of new buildings acquired during 2020 was $128,000. 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 $186,500. 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.) HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: $ Cash 47,000 56,500 $ AAPA Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is the las sheet balance.) HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 $ 56,500 $ 47,000 130,500 142,500 165,000 180,500 $ 352,000 $ 370,000 142,000 142,000 399,000 271,000 (125,000) (108,500) $ 416,000 $ 304,500 $ 768,000 $ 674,500 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: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 172,000 $ 190,000 156,500 128,500 $ 328,500 $ 318,500 $ 176,000 $ 128,500 $ 52,000 $ 48,500 211,500 179,000 $ 263,500 $ 227,500 $ 768,000 $ 674,500 Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Amounts to b deducted should be indicated by a minus sign.) 95,500 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 Increase in note payable Decrease in accounts payable $ 95,500 Net cash provided by operating activities Cash flows from investing activities: Cash paid to acquire new buildings $ 0 Net cash used for investing activities 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 0 $ $ 95,500 Net cash used by financing activities Net increase in cash for the year Cash balance, January 1, 2020 Cash balance, December 31, 2020 95,500