Problem 2-5A (Static) Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio LO A2, P1 [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 for Year 1 and Year 2. roblem 2-5A (Static) Part 1 equired: Prepare balance sheets for the business as of December 31 for Year 1 and for Year 2 . Hint: Report only total equity on the balance neet and remember that total equity equals the difference between assets and liabilities. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for the business as of December 31 for Year 1. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for the business as of December 31 for Year 2 . Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities