December 31 2018 2019 December 31 Cash, $30,000 $ 5,000 Building. The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018 Problem 2-58 and 2019. Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio 2018 2019 $0 $250,000 Accounts receivable. 35,000 25,000 Land Office supplies 8,000 13,500 Accounts payable. 0 4,000 50,000 12,000 C2 A1 A2 P31 Office equipment. Machinery... 40,000 28,000 40,000 28,500 Note payable 0 250,000 Required 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 2. Compute net income for 2019 by comparing total equity amounts for these two years and using the following information: During 2019, the owner invested $5,000 additional cash in the business and withdrew $3,000 cash for personal use. 3. Compute the December 31, 2019, debt ratio (in percent and rounded to one decimal). Check (2) Net income $11,000 (3) Debt ratio, 63.6%