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: 166 Net income for the year ended December 31, 2020, was $97.000. . Dividends paid during the year ended December 31, 2020, were $66,500. Accounts receivable decreased $10.500 during the year ended December 31, 2020 The cost of new buildings acquired during 2020 was $134,000 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 $181.000 Required: a. Complete the December 31, 2020. balance sheet. (Hvit 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Recured A Required Complete the December 31, 2020, balance sheet (ht: long term debt is the last number to compute to make the balance sheet balance.) HOEMAN INC Comparative Balance Sheets ponts HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets Accounts receivable Inventory Total current assets Land $ 53,500 $ 49,000 133,000 143,500 169.500 177.000 S 356,000 $ 369,500 181.000 148,500 407,500 273,500 (125,000) (107.000) $ 463,500 315,000 $ 819,500 3 3 684 500 Buildings Less: Accumulated depreciation Total land & buildings Total assets Liabilities: Current abilities Accounts payable Note payable $ 171.000 196.500 158 500 Total current abilities $ 329 500 S 194.500 127 000 3 323 500 $131.000 Long term debt 2020 2019 Assets: Current assets: Cash 1.66 points Accounts receivable Inventory Total current assets Land Buildings Less: Accumulated depreciation Total land & buildings Total assets Liabilities: Current liabilities Accounts payable Note payable $ 53,500 $ 49,000 133,000 143,500 169,500 177.000 $ 356,000 $ 369,500 181,000 > 148,500 407,500 273,500 (125.000) (107,000) $ 463,500 S 315,000 S 819,500 $ 684,500 $ 171,000 158,500 $ 329,500 $ 194,500 $ 196,500 127,000 $ 323,500 $ 131,000 Total current liabilities Long term debt Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 50,500 $ 48,000 245,000 182,000 $ 295,500 $ 230,000 S 819,500 $ 684,500 166 points Statement of Cash Flows For the Year Ended December 31, 2020 Cash Sows from operating activities: Net income $ 97,000 Add deduct) items not afecting cash Depreciation expense 18.000 Decrease in accounts receivable 10,500 Decrease in inventory 7.500 Decrease in accounts payable 25,500) Net cash provided by operating activities 107.500 Cash fows from investing activities Cash paid to acquire new buildings (134,000) s (134,000) Nel cash provided by investing activities Cash fows from financing activities Payment of cash dividends on common stock Increase in note payable Cash received from issuance of common stock Payment of cash dividends on common stock (66,500) 31,500 63,500 2,500 $ 4.500 Cash balance, January 1, 2020 Cash balance December 31, 2020 $ 4.500 97,000 Net income Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Decrease in inventory Decrease in accounts payable 1.66 points 18,000 10,500 7,500 (25,500) $ 107,500 Net cash provided by operating activities Cash flows from investing activos: Cash paid to acquire new buildings (134,000) $ (134,000) Net cash provided by investing activities Cash flows from financing activities: Payment of cash dividends on common stock Increase in note payable Cash recolved from issuance of common stock Payment of cash dividends on common stock (66,500) 31500 63,500 2.500 31,000 4,500 $ Cash balance, January 1, 2020 Cash balance, December 31, 2020 4,500