Problem 2-5A Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio LO C2, A1, A2, P3 [The following information applies to the questions displayed below) The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2016 and 2017 December 31 2016 2017 Cash $ 64,300 $ 15,640 Accounts receivable 26,240 19,100 Office supplies 3,160 1,960 Office equipment 44,000 44,000 Trucks 148,000 157.000 Building 80,000 Land @ 60,000 Accounts payable 3,500 33,500 Note payable 40,000 Required: 1. Prepare balance sheets for the business as of December 31, 2016 and 2017. (Hint Report only total equity on the remember that total equity equals the difference between assets and liabilities.) NETTLE DISTRIBUTION Balance Sheet December 31, 2016 Liabilities Assets Equity Total equity Total liabilities and equity Total assets NETTLE DISTRIBUTION Balance Sheet December 31, 2017 Liabilities K Assets nces Total liabilities Equity Total equity Total liabilities and equity Total assets