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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 $97,500.
• Dividends paid during the year ended December 31, 2020, were $65,500.
• Accounts receivable decreased $11,000 during the year ended December 31, 2020.
• The cost of new buildings acquired during 2020 was $129,000.
• 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 $187,500.

Required:

1. Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method.

	HOEMAN INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Add (deduct) items not affecting cash: Cash flows from investing activities: Cash flows from financing activities: Cash balance, January 1, 2020 Cash balance, December 31, 2020

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