Ferguson Company was started in 2008 when it acquired $60,000 from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions.

Required
Prepare an income statement (use the multistep format) and balance sheet for each fiscalyear.

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2008 2009 2010 Purchases of inventory $24,000 12,000 $20,500 Sales Cost of goods sold Selling and administrative expenses 26,000 13,400 5,500 30000 .000 18,500 20,000 8200 10,100