Required A Required B Complete the December 31, 2020, balance sheet. (Hint: Long-term debt is sheet balance.) HOEMAN INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets: Cash $ $ 48,000 139,000 Accounts receivable 186,000 Inventory Total current assets $ $ Land 52,500 128,000 163,000 343,500 141,500 407,000 (127,500) 421,000 764,500 Buildings Less: Accumulated depreciation Total land & buildings 373,000 141,500 275,500 (112,500) 304,500 677,500 $ $ Total assets $ $ Liabilities: $ $ 160,500 163,500 188,000 126,500 $ 314,500 $ $ 324,000 180,500 $ 138,500 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 $ $ 52,500 207,500 260,000 764,500 45,500 179,000 224,500 677,500 $ $ $ $ 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 $95,000. Dividends paid during the year ended December 31, 2020, were $66,500. Accounts receivable decreased $11,000 during the year ended December 31, 2020. The cost of new buildings acquired during 2020 was $131,500. 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 $193,500. 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 Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method. (Amounts to be deducted should be indicated by a minus sign.) HOEMAN INC. deducted should be indicated by a minus sign.) 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 Increase in note payable Net income $ 0 Cash flows from investing activities: Cash paid to acquire new buildings $ 0 Cash flows from financing activities: $ 0 $ 0 Cash balance, January 1, 2020 Cash balance, December 31, 2020 $ 0