2. (7 Marks) Fairfield Communities was permitted not to consolidate its SPES. Using the information available in the case, reconstruct the Consolidated Balance Sheet for the company assuming that the SPEs are consolidated. Calculate the long-term Debt to Equity Ratio before and after the reconstruction of the consolidated Balance Sheet. Comment on the result. (What does the long-term debt to equity ratio tell you?) (maximum 200 words) 2. (7 Marks) Fairfield Communities was permitted not to consolidate its SPES. Using the information available in the case, reconstruct the Consolidated Balance Sheet for the company assuming that the SPEs are consolidated. Calculate the long-term Debt to Equity Ratio before and after the reconstruction of the consolidated Balance Sheet. Comment on the result. (What does the long-term debt to equity ratio tell you?) (maximum 200 words)