Required information 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 Cash Accounts receivable Office supplies Office equipment Trucks Building Land Accounts payable Note payable 2016 $ 56, 476 30, 656 4,836 148, 444 58, 088 0 2017 11, 239 24, 034 3,542 158, 121 67,088 193, 641 48, 322 39, 973 141,963 80, 595 0 Problem 2-5A Part 1 Required: 1. Prepare balance sheets for the business as of December 31, 2016 and 2017. (Hint: Report only total equity on the balance sheet and 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 Assets Total liabilities Equity Total equity Total liabilities and equity Total assets