The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2014 and 2015.

December 31	2014	2015
Cash	$ 64,300	$ 15,640
Accounts receivable	26,240	19,390
Office supplies	3,160	1,960
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	0	40,000

Late in December 2015, the business purchased a small office building and land for $140,000. It paid $100,000 cash toward the purchase and a $40,000 note payable was signed for the balance. Mr. Nettle had to invest $35,000 cash in the business to enable it to pay the $100,000 cash. Mr. Nettle withdraws $3,000 cash per month for personal use.

Required:
1.	Prepare balance sheets for the business as of December 31, 2014 and 2015. (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, 2014
Assets		Liabilities
Cash	$64,300	Accounts payable	$3,500
Accounts receivable	26,240
Office equipment	44,000
Trucks	148,000	Equity
		Total equity	282,200
Total assets	$282,540	Total liabilities and equity	$285,700

NETTLE DISTRIBUTION
Balance Sheet
December 31, 2015
Assets		Liabilities
Cash	$15,640	Accounts payable	$33,500
Accounts receivable	19,390	Note payable	40,000
Office supplies	1,960
Office equipment	44,000
Trucks	157,000	Total liabilities	73,500
Building	80,000	Equity
Land	60,000	Total equity	304,490
Total assets	$377,990	Total liabilities and equity	$377,990

Please show how you calculate this so I can have a clear understanding of how to arrive at the answers.
Equity, December 31, 2014
Add: Owner's investment	35,000
Add: Net income
	35,000
Less: Owner Withdrawals
Equity, December 31, 2015	$35,000