Required information [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. December 31 Cash Accounts receivable Office supplies 1,960. Year 1 $ 64,300 Year 2 $ 15,640 26,240 19,100. 3,160 Office equipment 44,000 44,000 Trucks 148,000 157,000 Building. 0 80,000 Land 0 60,000 Accounts payable 3,500 33,500 Note payable 40,000 2. Compute net income for Year 2 by comparing total equity amounts for these two years and using the following information: During Year 2, the owner invested $35,000 additional cash in the business and withdrew $19,000 cash for personal use. Equity, December 31, Year 1 Equity, December 31, Year 2 Required information Complete this question by entering your answers in the tabs below. Balance Sheet Balance Sheet Year 1 Year 2 Prepare the balance sheet for the business as of December 31 for Year 2. Hint: Report only total equit and remember that total equity equals the difference between assets and liabilities. NETTLE DISTRIBUTION Balance Sheet December 31, Year 2 Assets Liabilities Cash Accounts receivable Office supplies Office equipment Trucks Building $ 15,640 Accounts payable $ 33,500 19,100 Notes payable 40,000 1,960 44,000 157,000 Total liabilities $ 73,500 80,000 Equity Land 60,000 Total equity 304,200 Total assets $ 377,700 Total liabilities and equity $ 377,700