The number of mesh equations is given by the formula:
\[
\text{Number of mesh equations} = B - N + 1
\]
where \( B \) is the number of branches and \( N \) is the number of nodes.
In this case, \( B = 5 \) and \( N = 4 \), so the number of mesh equations is:
\[
5 - 4 + 1 = 2
\]
Therefore, the correct answer is option (1).