Amber's Flower Company was started in 2014 when it acquired $80,000 cash 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.

 

 201420152016  Purchases of inventory$40,000 $55,000 $95,000   Sales 75,000  88,000  146,000   Cost of goods sold 38,000  49,000  82,000   Selling and administrative expenses 29,000  35,000  42,000 

 

show an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.)