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 Office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 56,665 30,759 4,852 148,941 58,283 0 0 80,865 0 Year 2 $ 11,307 24, 115 3,554 158,651 67,283 194,290 48,482 40,107 142,772 Required: 1. 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 sheet and remember that total equity equals the difference between assets and liabilities. 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 1. 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, Year 1 Assets Liabilities Total liabilities Equity Total equity Total liabilities and equity Total assets Balance Sheet Year 1 Balance Sheet Year 2 > 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 Office equipment Trucks Building Land Accounts payable Note payable Year 1 $ 56,665 30,759 4,852 148,941 58,283 0 0 80,865 0 Year 2 $ 11,307 24,115 3,554 158,651 67,283 194, 290 48,482 40, 107 142,772 Required: 1. 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 sheet and remember that total equity equals the difference between assets and liabilities. 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 equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. NETTLE DISTRIBUTION Balance Sheet December 31, Year 2 Assets Liabilities Total liabilities Equity Total equity Total liabilities and equity Total assets Balance Sheet Year 1 Balance Sheet Year 2 >